NEW YORK (TheStreet) -- Telsa (TSLA) shares partly recovered from losses throughout the week after CEO Elon Musk eased fears on automobile safety. On Thursday, shares plunged more than 12% since the beginning of the week, the dual effect of a rare analyst downgrade and a viral video of a Tesla car on fire which brought into question battery flammability.
On the company blog, Musk wrote, "The combustion energy of our battery pack is only 10% of the energy contained in a gasoline tank and is divided into 16 modules with firewalls in between. As a consequence, the effective combustion potential is only about 1% that of the fuel in a comparable gasoline sedan."
The footage, posted to YouTube on Wednesday, showed a Tesla Model S on fire, the result of a collision with a metal object on a Washington State highway.
On Tuesday, Tesla was downgraded to "neutral" by Robert Baird, with a price target of $187, citing execution risks.
In other Tesla-related news, the Palo Alto, Calif.-based automaker is in discussions with Samsung for the supply of battery technology to its line of environmental vehicles, reports Reuters. A Tesla spokesperson confirms the company is meeting with several firms to determine the best battery technology compatible with current and future Tesla models.
Shares of Tesla Motors Inc stock were up today by $7.67 (4.43%) as of the close of trading. By the end of trading, 14.33 million shares changed hands compared to its average daily volume of 10.55 million shares. The stock ranged in price between $172.65 to $181.18 after opening the day at $176.40 as compared to the previous trading day's close of $173.31. Overall, Tesla Motors Inc led the S&P 500 which was up 0.71%.