Moody’s Investors Service downgraded Tesla's credit rating, concerned that it was burning through cash. Those worries have grown so dire that some analysts are asking whether the company could run out of money by the end of the year.
The company’s recent troubles extend beyond its balance sheet. Federal investigators are looking into a fiery crash that killed a Tesla driver last week in California, including the possibility that Autopilot was in use.
Tesla said it was recalling 123,000 Model S cars made before April 2016 to replace bolts that hold a power-steering motor in place. The bolts can become corroded and break, leaving drivers with only manual steering.
The stock closed at $ 266, up 3% in Thursday's trading. However the stock is down 31% from its 5 year high of $ 390.