5/17, 3:39 PM (Source: TeleTrader)
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Chart for: Tesla, Inc.

Tesla shares drop 3%, hit over two-year low

Shares of Tesla Inc. dropped over 3% on Friday, hitting the lowest level since January 2017, after the electric carmaker's CEO Elon Musk announced a "hardcore" cost-saving initiative. Musk claimed the action was the only way for Tesla to "become financially sustainable" and help make the world environmentally sustainable.

The carmaker's stock was also affected by a report that its autopilot system was activated seconds before a deadly crash involving a Tesla car in Florida in March. Tesla insisted that the autopilot function is safe "when used properly by an attentive driver who is prepared to take control at all times" and added that "drivers supported by Autopilot are safer than those operating without assistance."

After hitting the over two-year low of $219.37 minutes earlier, Tesla slid 3.25% to $220.87 at 9:38 am ET.

Breaking the News / NP