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Tesla stock slips over electrical issues

Texas readers may be interested to know that the fortunes of Tesla Motors continues to fall as a third fire was reported in one of the company’s electric cars. The fires occurred in Tennessee, Seattle and Mexico. Authorities in Seattle have determined the fire in the car was the result of the car accident and not the car’s lithium-ion battery.

According to the National Fire Protection Association, there are approximately 150,000 car fires each year, so this type of event doesn’t always influence investors. However, officials have been keeping track of electrical fires in cars and computers because of fears that the lithium-ion batteries might be prone to catching fire. It is important to note that, so far, none of the fires in Tesla cars has been linked to this factor.

There is also reportedly another issue with the Tesla Model S. According to an online car shopping site, the Model S may make a loud noise when accelerating and decelerating. The complaint is also beginning to show up on online forums about Tesla cars. Tesla replaced the drive unit in some of the cars along with the mechanism in the driver side door to repair another problem. The company didn’t specify what the issue was with the drive unit.

Sources indicate that no injuries occurred in the reported battery fires. However, if a fire or mechanical problem is caused the car manufacturer’s negligence, an injured party may wish to recover damages that can include lost wages and compensation for unpaid medical bills. It may also be possible to receive a settlement for pain and suffering if the injuries are severe.

Source: Los Angeles Times, “Tesla shares slip more on reports of third fire, other car problems“, Jerry Hirsch, November 07, 2013