Tesla shares plunge after Consumer Reports drops Model S recommendation
Tesla shares plunged more than 15% after Consumer Reports announced it was withdrawing its recommendation of the company's flagship Model S P85D electric sedan.
The price of Tesla shares had climbed by the closing bell, but it still ended the day down 6.6%.
The consumer products ratings publication gave the $104,000 electric car a "worse-than-average" rating in its latest report about the predicted reliability of new vehicles.
The new reliability rating, initially announced in Detroit at an Automotive Press Association meeting, contrasted sharply with Consumer Reports' initial assessment of Tesla's all-electric sedan.
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