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    TSLA   US88160R1014

TESLA, INC.

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Tesla : agrees to pay $1.5 mln to settle claims over battery voltage reduction

07/29/2021 | 07:15pm EDT

July 29 (Reuters) - Tesla Inc has agreed to pay $1.5 million to settle claims a software update temporarily reduced maximum battery voltage in 1,743 Model S sedans, court documents show.

Owners of the vehicles will get $625 each, which is "many times the prorated value of the temporarily reduced maximum voltage," according to the proposed settlement documents filed Wednesday in U.S. District Court in San Francisco.

Tesla did not immediately respond to a request for comment.

Lawyers for the owners who sued said the "voltage limitation was temporary, with a 10% reduction lasting about 3 months, and a smaller 7% reduction lasting another 7 months before the corrective update was released in March 2020."

A U.S. judge set a Dec. 9 hearing on the proposed settlement.

The suit filed in August 2019 alleged Tesla released an over-the-air software update that reduced the maximum voltage to which batteries on some Tesla Model S vehicles could be charged.

A subsequent update restored about 3% of the battery voltage in these vehicles, and a third update released in March 2020 was designed to fully restore the batteries’ voltage over time as the vehicles are driven, the settlement documents said.

Company data shows 1,552 vehicles had maximum battery voltage fully restored and 57 have had battery replacements and for other vehicles the maximum voltage should continue to be restored over time, the settlement documents said.

The $1.5 million settlement includes $410,000 fees and costs for the plaintiffs' attorneys. (Reporting by David Shepardson; Editing by Leslie Adler and Aurora Ellis)


ę Reuters 2021
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Analyst Recommendations on TESLA, INC.
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Financials (USD)
Sales 2021 50 368 M - -
Net income 2021 4 109 M - -
Net cash 2021 8 422 M - -
P/E ratio 2021 217x
Yield 2021 -
Capitalization 783 B 783 B -
EV / Sales 2021 15,4x
EV / Sales 2022 11,3x
Nbr of Employees 70 757
Free-Float 81,0%
Chart TESLA, INC.
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Tesla, Inc. Technical Analysis Chart | TSLA | US88160R1014 | MarketScreener
Technical analysis trends TESLA, INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 791,36 $
Average target price 686,25 $
Spread / Average Target -13,3%
EPS Revisions
Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
Antonio Jose Gracias Independent Director
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