Tesla stock plummets after Consumer Reports backpedals on Model S rating

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Funny how quickly things change once reality sets in.

Just weeks after Consumer Reports reported that the Tesla Model S broke its rating scale, the consumer advocate group has retracted its “recommended” rating for the luxury EV. Following the news of Consumer Reports stripping the Model S of its coveted “recommended” rating, Tesla stock dove more than 10%.

See also: I went hands-free in Tesla’s Model S on Autopilot, even though I wasn’t supposed to

The move came after Consumer Reports posted its annual reliability survey (subscription required) in which 1,400 Model S owners “chronicled an array of detailed and complicated maladies.” As a result, the car has been slapped with a “worse-than-average” reliability rating, adding, "From that data we forecast that owning that Tesla is likely to involve a worse-than-average overall problem rate.” Read more…

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