Tesla stock tumbles after Model S catches fire

Sina WeiboPrintShare

(AP)

An Internet video of a fiery Tesla electric car near Seattle helped to push down the company’s stock price Wednesday.

Shares of Tesla Motors fell more than 6 percent to $180.95. It was the stock’s biggest one-day decline since July 16.

The automobile site Jalopnik.com posted the video that it says was taken by a reader. The video shows the front of a Tesla Model S in flames.

Tesla says the car hit a large metal object in the road on Tuesday, causing significant damage. The driver escaped unharmed and the blaze was put out by firefighters. Tesla says the fire was limited to the front of the $70,000 car.

Tesla shares have risen more than 400 percent since the start of the year.

(Copyright 2013 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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