In a stunning reversal, the L.A. Times is reporting that Consumer Reports has withdrawn its recommendation for the Tesla Model S due to reliability issues. The rating agency has also given a “worse-than-average” rating for the predicted reliability of the Model S.
As a result, Tesla stock is down more than 10% to $204 per share.
The rating change comes after Comsumer Reports surveys 1400 Model S owners and who reported an “array of detailed and complicated maladies” with the drivetrain, power equipment, charging equipment and giant iPad-like center console. They also complained about body and sunroof squeaks, rattles and leaks.
“As the older vehicles are getting up on miles, we are seeing some where the electric motor needs to be replaced and the onboard charging system won’t charge the battery,” explained Jake Fisher, Consumer Reports’ director of automotive testing. “On the newer vehicles, we are seeing problems such as the sunroof not operating properly. Door handles continue to be an issue.”
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