Tesla shares fall further on Model S fire

Oct 03, 2013 by Mike Baker

Shares of Tesla Motors are down another 5 percent as investors in the high-flying company assess the fallout from a fire in one of its $70,000 electric cars.

The fire began in the car's battery after the driver hit metal debris. Firefighters extinguished the flames and no one was hurt.

Tesla says it's the first fire in one of its cars. Experts say electric car fires are rare, and consumers should still consider buying them.

Tesla shares fell 6 percent Wednesday as video of the fire surfaced. Shares were down $9.90, or 5.5 percent, to $170.05 around midday Thursday. The stock is still up 400 percent year to date.

Deutsche Bank analyst Rod Lache calls the fire an isolated incident and still expects Tesla shares to reach $200.

Explore further: Tesla says car fire began in battery after crash

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Tesla says car fire began in battery after crash

Oct 03, 2013

A fire that destroyed a Tesla electric car near Seattle began in the vehicle's battery pack, officials said, creating challenges for firefighters who tried to put out the flames.

GM working on 200-mile electric car, exec says (Update)

Sep 16, 2013

As automakers race to make cheaper electric cars with greater battery range, General Motors is working on one that can go 200 miles (320 kilometers) per charge at a cost of about $30,000, a top company executive said.

Recommended for you

Ahead of Emmys, Netflix already winning online

5 hours ago

Even if it doesn't take home any of the major trophies at Monday's Emmy Awards, Netflix will have already proven itself the top winner in one regard: Internet programming.

Oregon sues Oracle over failed health care website

16 hours ago

Oregon Attorney General Ellen Rosenblum says she's filed a lawsuit against Oracle Corp. and several of its executives over the technology company's role in the state's troubled health insurance exchange.

Google buys product design firm Gecko

16 hours ago

Google on Friday confirmed that it bought Gecko Design to bolster its lab devoted to technology-advancing projects such as self-driving cars and Internet-linked Glass eyewear.

Ticketfly buying WillCall for on-premise data

Aug 21, 2014

Ticketfly Inc., a San Francisco-based technology company among several posing a challenge to Ticketmaster, is acquiring WillCall Inc., a crosstown rival that turns your smartphone into a mobile wallet at live events.

HP revenue inches up after years of decline

Aug 20, 2014

Hewlett-Packard on Wednesday reported that its quarterly revenue rose for the first time in three years, nudged by improved computer sales everywhere except Russia and China.

User comments : 0