Tags: US | Tesla | stock | Fire

Tesla Stock Slides after Model S Catches Fire

Wednesday, 02 Oct 2013 05:12 PM

 

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Shares of electric car company Tesla sank more than 6 percent Wednesday after an Internet video showed flames spewing from one of the company's vehicles following a crash near Seattle.

Shares of Tesla Motors Inc. fell $12.05 to $180.95. It was the stock's biggest one-day decline since July 16.

The automobile site Jalopnik.com posted the video that it says was taken by a reader. The video shows the front of the Tesla Model S in flames.

Tesla says the car hit a large metal object in the road Tuesday, causing significant damage. The Palo Alto, Calif., company says the driver escaped unharmed and the blaze was put out by firefighters. The fire was limited to the front of the $70,000 car, Tesla said.

The incident happened Tuesday after 8 a.m. as the driver was traveling southbound on state Route 167, said Trooper Chris Webb of the Washington State Patrol. He said the driver stated that he believed he had struck some debris on the highway, triggering the fire, but a trooper who responded to the scene was unable to locate any objects on the roadway.

There were no injuries, and the vehicle was towed from the scene, Webb said.

Tesla shares have risen more than 400 percent since the start of the year.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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