An appalling crash involving a stolen Tesla Motors Inc. (NASDAQ: TSLA) vehicle may help strengthen the car’s safety claims. The vehicle, which was a Model S sedan, had split in two and burned upon crashing in Hollywood, Los Angeles. This was following a high speed chase. Authorities say that there were several injuring in the multi-car crash, but no fatalities at the scene.
According to sources, the sedan was stolen and involved in a high speed car chase early Friday. The stolen car hit a pole and split in half, injuring seven bystanders and passersby. The Los Angeles police department released statements to KTLA-TV, which also showed a video of the horrifying incident.
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Photographs released several hours later also showed that the Tesla’s rear end was lodged in between two walls, while the front end of the car was several dozen feet away in the middle of the street.
The electric car company wants to study the remainders of the stolen Model S. In a phone interview, Simon Sproule, a company spokesman, said “We’ve asked to take a look at the vehicle as soon as that’s possible. There aren’t so many S’s involved in major crashes, and certainly not quite like this one, so we absolutely want to have a look to understand what happened.”
The Model S retails for $71,000, and has received the highest rating for safety in crashes from the National Highway Traffic Safety Administration.
On Thursday, Tesla shares were priced at $229.25, after a 52% increase over this past year. On Monday after news of the crash got out, the price of shares dropped 2.9% to $222.26.
However, Tesla is experiencing problems that run deeper than the car crash over the weekend.
The electric car company saw its sales drop from in Norway, one of its biggest markets in Europe. Last month its sales came in at 536 units, a sharp drop from 1,493 the previous month. This caused its stock to drop 4.3%.
Additionally, Tesla is limited to five retail stores in the state of Pennsylvania, after a legislation passed in the House of Representatives, which intends to prevent competition between Tesla and other dealerships. Ohio and New York have followed suit with similar legislation, and New Jersey is pending a similar law.
Another gloomy note about the electric car maker – Barclays noted that Tesla’s second quarter deliveries were not meeting expectations. Barclays also reported that after soft sales reads, Tesla has decided to pursue entering the China market.
As of closing today, Tesla stock prices are at lowest they’ve ever been this session.
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