Elon Musk defends Tesla Model S after fire
Tesla Motors Co Chief Executive Elon Musk on Friday came forward to defend his company's electric car Model S after a video showing the car in flames dragged the company's shares down.
Tesla shares slipped more than 6 per cent after an automotive blog called Jalopnik published images of widely acclaimed electric car Model S in flames. The car caught fire after it met with an accident on Tuesday south of Seattle, Washington. The video received thousands of page views.
The car caught fire after the driver ran over a huge metallic object, causing huge damage to the vehicle's front and battery pack. The company admitted that the images and the video were real.
Musk defended the car saying the accident would have been far worse if the car had been a typical gasoline-powered car.
Defending Model S, Musk wrote on Tesla blog, "Had a conventional gasoline car encountered the same object on the highway, the result could have been far worse."
Following the incident, Tesla shares slipped from $190 to as low as $168. However, the stock started to recover gradually, and at $180.98 a piece on Friday.