NEW YORK (TheStreet) -- Tesla Motors Inc. (TSLA) was down 1.8% to $144.81 after the company announced that it would upgrade its wall charger adapters after reports of overheating in garages.
The company announced that the improved adapters would be provided to all new and current customers beginning in a few weeks. The new charger will feature an automatic shut-off in case of overheating.
"We believe (the upgraded wall charger) fully addresses the problem," the company said, in a statement. "However, to provide additional protection for Model S customers, we have designed a new wall adapter with a thermal fuse."
The Palo Alto-based electric car maker released a software upgrade in December in order to help prevent potential fires for Model S owners who plug the car into under-capacity or faulty electrical circuits. Tesla is expected to construct 21,500 Model S units this year, most of which would be sold in the U.S., with fewer in Europe, where Tesla is still creating a sales network.
As of 2:17 p.m. EST, Tesla had fallen more than 2% to hit a low of $142.25 for the day.
TheStreet Ratings team rates Tesla as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate TESLA MOTORS INC (TSLA) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk and poor profit margins."