A woman was killed in a Texas crash Friday while Tesla's driver-assistance system was engaged, prompting a federal regulatory investigation. This adds to a lengthening list of NHTSA probes into Tesla's Autopilot and FSD systems; Tesla's financials already reflect strain — revenue fell 2.9% YoY to $94.8B in FY2025 with net margins compressed to 4.1% and diluted EPS of just $1.08.

The second-order setup is whether accumulating regulatory scrutiny forces Tesla into operational restrictions on FSD deployment, recall costs, or increased liability exposure — all margin-negative. Investors will watch for any NHTSA enforcement action, Tesla's public response, and whether the probe expands in scope beyond this single incident.