Tesla Shares Fall on Reports of Second Fiery Crash

October 30, 2013

Tesla Motors shares dropped after reports of a second fiery crash involving the company’s Model S electric car.

On Oct. 17 in Merida, Mexico, a Model S sped into a roundabout, crashed through a concrete wall and hit a tree. The driver fled the scene before the car went up in flames. The U.S. automotive Web site Jalopnik reported the story Monday, citing the Mexican newspaper Progreso Hoy.

Tesla responded that the Model S protected the driver despite the severe crash, and said the driver is buying another Model S.

It was the second time this month that a Model S was in a fiery crash. On Oct. 2, a Model S burned after hitting road debris in Kent, Wash.

Tesla shares fell 4 percent to close at $162.86.

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