Tesla Shares Tumble After Car Spontaneously Combusts in Shanghai
Liao Shumin
DATE:  Apr 23 2019
/ SOURCE:  yicai
Tesla Shares Tumble After Car Spontaneously Combusts in Shanghai Tesla Shares Tumble After Car Spontaneously Combusts in Shanghai

(Yicai Global) April 23 -- Shares in electric car giant Tesla have slumped after one of its vehicles mysteriously caught fire in a Shanghai car park over the weekend.

Its stock [NASDAQ:TSLA] closed down 3.85 percent at USD262.75 a share yesterday local time.

The California-based carmaker has contacted the owner of the vehicle in question and will spare no effort to get to the bottom of the incident, it said on Weibo yesterday evening. The firm is working with local authorities to figure out what went wrong.

The Tesla Model S suddenly burst into flames at an underground parking lot in the Taide Garden residential community of Xuhui district at around 8.00 p.m. on April 21, according to Xinmin Evening News.

A surveillance video going viral online shows smoke hissing from underneath the car's chassis for several seconds before a blast blocks the camera's vision. Shortly after, the vehicle can be seen engulfed in flames that also damage an Audi and Lexus parked adjacently.

Tesla released a statement via Weibo the morning after the fire, saying it had sent a team to investigate on site. There were no casualties and the local fire department has said it is still examining the extent of the damage.

The Tesla had finished charging using a Supercharger shortly before it combusted but was not plugged in when the fire erupted.

Editor: James Boynton

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Keywords:   Tesla,Spontaneous Combustion,Shanghai