NEW YORK (TheStreet) -- Tesla Motors (TSLA) continues to sink as it appears that momentum investors are backing away from the electric car company amid concerns about fires, production delays and executive departures. Needless to say, it's been a whirlwind week at Tesla's Palo Alto headquarters.
With three fires in a few weeks for its Model S, Tesla asked the National Highway Traffic Administration (NHTSA) to open a probe into the two fires that have happened on American soil. Tesla is taking several actions to prove the safety of its Model S. Included are an "over-the-air update to the air suspension that will result in greater ground clearance at highway speeds." CEO Elon Musk noted this is about reducing the chances of underbody impact damage, not improving safety, as Musk, and others have repeatedly said the Model S is the safest car on the road. "Another software update expected in January will give the driver direct control of the air suspension ride height transitions," Musk said.
Just two days later, Consumer Reports gave the electric Model S the "highest owner-satisfaction score" the magazine has seen in years.
Then yesterday, reports surfaced that George Blankenship, Tesla's former chief of Worldwide Sales and Ownership Experience, abruptly retired earlier this month.
This one week chart pretty much sums it up.
This three month chart isn't any prettier.TSLA data by YCharts --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV