Market Pulse Archives

July 6, 2017, 7:08 a.m. EDT

Tesla's stock drops after Model S fails to qualify for top safety award

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Tesla Inc. (TSLA)
  • X
    Ford Motor Co. (F)
  • X
    Daimler AG (DAI)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Tesla Inc. /zigman2/quotes/203558040/composite TSLA +1.21% dropped 2.5% in premarket trade Thursday, extending the previous session's sharp selloff, after the electric car maker's Model S failed to receive a top safety award from the Insurance Institute for Highway Safety (IIHS). After tumbling 7.2% on Wednesday, the stock was on track to open Thursday 17% below its June 23 record close of $383.45. The IIHS said the Model S didn't qualify for any award because it only earned an "acceptable" rating in the small overlap front test. "The main problem with the performance of the Model S was that the safety belt let the dummy's torso move too far forward, allowing the dummy's head to strike the steering wheel hard through the airbag," IIHS's report said. Although Tesla made changes to the safety belt in vehicles built after January, when IIHS tested the modified Model S, the same problem occurred. The cars that did receive "Top Safety Pick+" awards were Ford Motor Co.'s /zigman2/quotes/208911460/composite F -2.13% Lincoln Continental, Daimler AG's /zigman2/quotes/201850364/delayed XE:DAI +1.05% Mercedes-Benz E-Class and Toyota Motor Corp.'s /zigman2/quotes/200537742/composite TM -0.90% Avalon. Other cars that failed to receive any award were General Motors Co.'s /zigman2/quotes/205226835/composite GM -4.07% Chevrolet Impala and the Ford Taurus. Tesla's stock has rallied 53% year to date through Wednesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.33% has gained 8.7%.

/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 1,382.47
+16.58 +1.21%
Volume: 3.32M
July 9, 2020 10:34a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$253.34 billion
Rev. per Employee
$439,627
loading...
/zigman2/quotes/208911460/composite
US : U.S.: NYSE
$ 5.96
-0.13 -2.13%
Volume: 16.16M
July 9, 2020 10:34a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$24.22 billion
Rev. per Employee
$805,719
loading...
/zigman2/quotes/201850364/delayed
XE : Germany: Xetra
36.67
+0.38 +1.05%
Volume: 2.06M
July 9, 2020 4:19p
P/E Ratio
104.38
Dividend Yield
2.45%
Market Cap
€39.79 billion
Rev. per Employee
€560,333
loading...
/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 124.28
-1.13 -0.90%
Volume: 31,728
July 9, 2020 10:25a
P/E Ratio
9.31
Dividend Yield
2.89%
Market Cap
$173.09 billion
Rev. per Employee
$737,463
loading...
/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 23.93
-1.02 -4.07%
Volume: 3.85M
July 9, 2020 10:34a
P/E Ratio
7.34
Dividend Yield
0.00%
Market Cap
$35.69 billion
Rev. per Employee
$849,994
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,159.52
-10.42 -0.33%
Volume: 562.82M
July 9, 2020 10:34a
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.