Tesla Cleared of Model S Fires by German Authority

NEW YORK (TheStreet) Tesla Motors (TSLA) has been cleared of any wrong doing in the Model S fires, at least as far as the German Federal Motor Transport Authority is concerned.

In a press release, the German Federal Motor Transport Authority, Kraftfahrt-Bundesamt (KBA), said Tesla is not being forced to issue a recall following fires stemming from Model S accidents in the United States, and one in Mexico. The Kraftfahrt-Bundesamt is Germany's authority in charge of motor vehicle regulation, similar to the National Highway Traffic Safety Administration (NHTSA) in America.

The agency has the power to initiate and perform investigations, and issue recalls.

"In investigating these incidents, the KBA reviewed Tesla's responses to their inquiries, as well as other information," Tesla said in a press release. The KBA issued the following statement:

"According to the documents, no manufacturer-related defects [herstellerseitiger Mangel] could be found. Therefore, no further measures under the German Product Safety Act [Produktsicherheitsgesetz (ProdSG)] are deemed necessary."

Shares of Tesla finished lower in Monday trading, off 2.4% to $124.17.

-- Written by Chris Ciaccia in New York

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