Tesla shares fall as video of a parked Model S exploding adds to automaker’s troubled quarter GlobeTechnology
Video of a parked Tesla Inc Model S exploding and a Wall Street downgrade of the electric-car maker’s stock pushed shares down 4 per cent on Monday, as it prepared to issue results for a troubled first quarter.
The video, time stamped Sunday evening and widely shared on China’s Twitter-like Weibo, shows the parked vehicle emitting smoke and bursting into flames seconds later.Reuters was not immediately able to verify the origins of the video, which Weibo users said was taken in Shanghai.“We immediately sent a team on-site and we’re supporting local authorities to establish the facts. From what we know now, no one was harmed,” Tesla said in a statement.
“We remain encouraged by Tesla’s vision and future growth prospects, but there is increased uncertainty around near-term demand versus previous bullish forecasts and growth cannot stall for a growth company,” Evercore analysts wrote in their note downgrading the shares. Analysts said the latest fire incident would likely increase attention on the safety of EVs, but was unlikely to have a significant impact on Tesla’s sales or reputation in China while the cause was being investigated.
“Tesla self-ignites” was one of the most popular hashtags on Weibo on Monday, racking up over 20 million clicks. Some users urged the automaker to quickly find the cause, whereas others speculated over the impact to the value of Tesla cars currently on the road. Still more found humour in the situation.“One lesson I learned from the Shanghai self-exploding Tesla: Don’t park your car next to a Tesla,” said one commentator.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla investigates video of parked Model S exploding in ShanghaiVideo shows Model S emitting smoke, bursting into flames; incident comes as Tesla is trying to drive sales in China
Read more »
Tesla gears up for fully self-driving cars amid skepticismTesla CEO Elon Musk appears poised to transform the company's electric cars into driverless vehicles in a risky bid to realize a bold vision that he has been floating for years.
Read more »
Elon Musk says Tesla has designed the best self-driving chip in the worldExperts say it will be years before any system is ready for deployment
Read more »
Tesla spontaneously combusts in Shanghai parking garageAnd shortly afterwards, a competitor's electric car does the same thing
Read more »
A new vote projection points to a historic Green win in P.E.I. - Macleans.caPhilippe J. Fournier: Uncertainty remains high but a simplified 338 electoral model puts the Green Party just above the threshold for a majority win
Read more »
Elon Musk says Tesla has potential to be fully self-driving by next year — and today he’ll prove itBut many experts don’t believe they’ll be in widespread use for a decade or more
Read more »
Kenyan family files lawsuit against Boeing over Ethiopian Airlines crashSiblings of 29-year-old engineer George Kabau said they wanted to force the company to release documents and emails relating to its 737 Max 8 model
Read more »
Video-game historian says company's 3D Notre Dame a reminder of beauty during rebuildArtists and historians working to create the 2014 game “Assassin’s Creed Unity” spent 14 months combing through photos, videos, and architectural plans to create a digital model so realistic that s…
Read more »
Tesla’s Elon Musk, SEC request additional week to settle Twitter use disputeThe U.S. Securities and Exchange Commission sued Musk last year after he tweeted on Aug. 7 that he had ‘funding secured’ to take Tesla private at $420 per share, which sent Tesla’s share price up as much as 13.3 per cent, violating securities laws
Read more »
As Vancouver fights over 4/20, Seattle's Hempfest enjoys tolerance, some supportSeattle’s more permissive approach could be a model for Vancouver, given that marijuana is legal now and there are no signs of 4/20 winding down, said Park Board Commissioner John Irwin.
Read more »