Tesla Stock Drops 4% After Consumer Reports Slammed Model 3 Reliability

Consumer Reports Rescinds Tesla Model 3 Recommendation

Tesla Model 3 loses Consumer Reports recommendation

"Tesla Model 3 owners told CR that problem areas included loose body trim and glass defects", the magazine noted.

These issues have managed to trickle down to the entry-level Model 3, and as such, Consumer Reports announced on Thursday that it was removing its recommendation to buy the Model 3.

The publication gets its reliability data in part from a survey it sends to members every spring - it considered responses from the owners of about 500,000 vehicles.

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People who responded to the Consumer Reports survey cited a number of different problems. "We have already made significant improvements to correct any issues that Model 3 customers may have experienced that are referenced in this report, and our return policy allows any customer who is unhappy with their vehicle to return it for a full refund", the spokesperson said. "We take feedback from our customers very seriously and quickly implement improvements any time we hear about issues".

Musk has repeatedly criticized some Wall Street investors for short-selling Tesla stock, a technique where an investor bets that the price of a company's stock will fall and profits from the decline in price.

The magazine's decision to withdraw its endorsement, less than nine months after recommending the electric sedan, raised questions about quality that Tesla has faced since the Model 3's hard launch.

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Tesla says Dog Mode will keep the air conditioning running when owners have to leave their pets in the vehicle, preventing them from overheating and possibly dying. "We've seen this with other vehicles such as the Jeep Wrangler and Chevrolet Corvette". Tesla's Model X SUV has consistently rated poorly due to problematic doors and display screens.

It had initially projected a March start for Model 3 deliveries in China - the world's biggest auto market where overall vehicle sales contracted in 2018 for the first time in more than two decades. Tesla claimed numerous problems noted in the report have already been addressed.

The website also reports another new feature for Tesla - Sentry Mode. The Japanese brand climbed six places to become No. 1 in the eyes of Consumer Reports, just ahead of Genesis, Porsche, Audi, Mazda and Lexus. That is out of 33 brands ranked by the group.

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