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Tesla shares fall further on Model S fire

Posted: October 3, 2013 10:27 a.m.
Updated: October 3, 2013 10:27 a.m.
 

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.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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