Consumer Reports Recalls Tesla Recommendation
After commending the Tesla S electric vehicle for performing “better in our tests than any other car ever has” and rejiggering its rating system to allow for the fact that the car somehow scored 103 on a system that where 100 was the top rating, Consumer Reports magazine yanked its recommendation of the high-tech auto amidst reports of serious problems with the car. The car scored a “worse than average” rating for predicted reliability in the magazine’s annual auto reliability survey.
The magazine originally called the Model S a “remarkable car that paves a new, unorthodox course, and it’s a powerful statement of American startup ingenuity.”
The change followed the publication of the reliability survey that found “an array of detailed and complicated maladies,” giving the Model S “too many problems to recommend.”
The change of rating was met by great surprise in the financial markets, where traders sent Tesla shares tumbling by up to 10% during the trading day. The stock closed down $15.07, a 6.6% decline, at $213.03 per share.
The news represents a significant setback for Tesla, which is headquartered in Palo Alto, California, and manufactures the Model S in that state. Tesla recently introduced a second vehicle to its lineup, the Model X crossover.
(Photo: Accura Media Group)