After an automotive blog published images of a Model S electric sedan in flames after an accident on Tuesday morning just south of Seattle, Washington, the following day Tesla Motors shares fell 6%.
Jalopnik posted pictures and a video of the Model S fire on Wednesday. Tesla confirmed the authenticity of the images and said the car caught fire after the driver ran over a “large metallic object” causing extensive damage to the front end of the car.
It is unclear if the Model S lithium-ion battery pack was damaged. Firefighters found it difficult to quash the flames, and fire damage made it tough to determine the impact of the object on the car, Chris Webb, a spokesman for the Washington State Patrol said.
Following the report on the incident, Tesla shares fell 6.2% to $180.95 on the Nasdaq, their biggest one-day decline since mid-July. Still, there is no big trouble on the matter, as so far this year, Tesla shares have surged more than 400% and its market value currently is around $23 billion, nearly half that of General Motors Co, which is worth $49 billion.
) - Thursday, October 3rd, 2013 - filed under News
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