Tesla Model 3 reliability issues lead to downgrade by Consumer Reports
Consumer Reports on Thursday said it would no longer recommend Tesla’s signature Model 3 based on reliability issues, a development that led to a decline in the electric-carmaker’s stock price.
Among the issues highlighted by the nonprofit ranking outlet – gathered through a Spring survey of its members – are problems with vehicles' hardware and electronic troubles, including defective touch screens.
“While Teslas perform well in Consumer Reports’ road tests and have excellent owner satisfaction, their reliability has not been consistent, according to our members, which has resulted in changes to their recommended status,” Jake Fisher, senior director of auto testing at Consumer Reports, said in a statement.
A Tesla spokeswoman said the carmaker has made “significant improvements” to fix the issues raised with the publication.
"Our return policy allows any customer who is unhappy with their car to return it for a full refund," she said in an emailed statement. "The vast majority of these issues have already been corrected through design and manufacturing improvements, and we are already seeing a significant improvement in our field data.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 242.84 | -6.14 | -2.47% |
Tesla asked Consumer Reports for more details about the reported issues, the carmaker said, but the outlet had "no more specific information" to provide.