Tags: Tesla | Consumer Reports | Model S | auto

Tesla Plunges After Consumer Reports Ends Model S Recommendation

Tuesday, 20 Oct 2015 02:22 PM

Tesla Motors Inc. fell the most in eight weeks after Consumer Reports said the Model S luxury electric car fell from its recommended list because of below-average reliability.

Tesla stock fell 9.5 percent to $206.34 at 1:28 p.m. New York time after declining as much as 10 percent for the steepest intraday drop since Aug. 24.

Owners of the sedan, introduced in 2012, reported “an array of detailed and complicated maladies,” Consumer Reports said in a statement. Adding features like a sun roof led to reliability issues, and Model S owners also complained about having to replace the electric motor, said Jake Fisher, director of automotive testing. The magazine recommends only models with above-average reliability.

“This year, with a below-average rating, we are no longer recommending the Model S,” he said. “In terms of owner satisfaction, customers would buy it again -- they love it.”

The magazine in August lauded the car’s combination of performance, luxury and efficiency when its tests resulted in a score of 103 on Consumer Reports’s 100-point scale.

The publication didn’t rank Tesla among 28 other brands because that required enough responses for at least two models. The Palo Alto, California-based company began deliveries of its Model X sport utility vehicle last month, too late for the April survey. Consumer Reports said it received about 1,400 survey responses from Model S owners.

 

© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
Companies
Tesla Motors Inc. fell the most in eight weeks after Consumer Reports said the Model S luxury electric car fell from its recommended list because of below-average reliability.
Tesla, Consumer Reports, Model S, auto
226
2015-22-20
Tuesday, 20 Oct 2015 02:22 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved