Tesla Model S rumored to be up for redesign this year (Photo : Reuters/Elijah Nouvelage)
Tesla Motors' stocks plummeted over 6 percent on October 20, Tuesday after Consumer Reports questioned the reliability of the electric car company's Model S sedan, downgrading the company's signature electric car and pulling its recommendation. The monthly magazine gave the Model S sky-high marks for performance, but also warned about the electric vehicle's (EV) dependability.
It based its report on around 1,400 surveys from Model S owners.
Consumer Reports called the Tesla e-car the top-performing EV it had ever tested. However, it also raised doubts about its "predicted reliability."
Tesla pointed out that Consumer Reports also gave it extremely high scores for service and loyalty. Its marks were the best in the world.
Tesla's stocks bottomed out with a 10 percent drop on Tuesday. However, it recovered to a 6.6 percent decrease, closing at $213.03.
Consumer Reports noted that Tesla Model S owners listed several problems with the EV. Its problem rate was "worse-than-average," which was a downgrade from last year's "average" rating, according to San Jose Mercury News.
The magazine pulled its previous recommendation for the Model S. Common problems of the electric car included its drive train, power and charging equipment, body and sunroof noises and leaks, and "iPad-like" center console.
Tesla responded to Consumer Reports' survey results by explaining that it quickly addresses customers' concerns, according to USA Today. That includes software and hardware issues.
Jack Fisher is the magazine's auto testing director. He likened the Model S's high performance and low reliability to the Chevrolet Corvette sports car.
Consumer Reports magazine has been published monthly since 1936.
Here is Consumer Reports' findings on the Tesla Model S:
