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JRP3
Hyperactive Member
I wondered why the stock was getting hit.
Those folks should really visit the rest of the forum. Ok we have two threads on this topic.
General posts about this incident should go in the general thread: Second Model S on fire (October 18th, 2013 in Merida, Mexico).)
Post relating this incident's effect on stock price or other investor related issues can go here.
Cheers!
andrewt3000
Member
I am long Tesla, and these fires concern me. The blog post about the first fire states "you are 5 times more likely to experience a fire in a conventional gasoline car than a Tesla!" Can we assume that is now 2.5 times? Probably not, that analysis was based on miles driven in the US. That statistic seemed dubious to begin with... most car fires I have seen were old, crappy cars. Whereas most Teslas on the road currently are less than a year old.
What are the metrics that NHTSA uses to determine safety and acceptable risk for a fire?
P.S. I test drove a Prius this weekend and asked the sales guy if he knew anything about Teslas. He responded "I heard they catch on fire."
What are the metrics that NHTSA uses to determine safety and acceptable risk for a fire?
P.S. I test drove a Prius this weekend and asked the sales guy if he knew anything about Teslas. He responded "I heard they catch on fire."
This might be true but i wonder where all the money is going. the overall market has been pretty flat the last two day. I am willing to bet some of it stocking up for twitter IPO, rest of it, i dont know. I just hope the bleeding stops soon.
EarlyAdopter
Active Member
Heh. Yeah, and the Prius never catches on fire.
Here's the thing - you damage any car badly enough and it will catch fire. 500 of them happen every day. Many of them self-ignite, like in that first Prius photo. The interesting facts from the two Tesla fires are 1) they were caused by external damage and 2) the passengers all walked away. In the end, that's all that matters.
JRP3
Hyperactive Member
Unfortunately all that matters is how this is going to affect the stock price, and it's probably not going to be good.
Are we sure that the main reason for the stock price falling is this news? I can't find the first article that mentioned it but it seems like we were going down a bit and then I'm sure the fire news pushed things down a bit more. I'm really not sure if this is enough news to push us below the 160 support level but it's definitely killing any momentum we may have had from last week. Also, didn't seem as high as I'd expect if people were selling off b/c of this news. Volume was below the 10 day avg.
bareyb
Active Member
I'm happy to say this is the first I've heard of it. Haven't seen anything on TV either. Glad to see not everyone in the World is an over reactor. Once again, it just shows that how safe the Model S is. If they'd been in most other cars they'd likely be dead now and certainly wouldn't have just walked away. That extra deep crumble zone probably saved his drunken life.
anticitizen13.7
Not posting at TMC after 9/17/2018
There seems to be scant coverage of the Mexico crash that resulted in a fire, probably because the driver was unhurt and the first fire inoculated investors from panic.
I think that any negative from the fire would be cancelled out by the positive news of the Consumer Reports recommendation.
Guys-
I know the last several weeks have been very frustrating for a lot of us. Many of us have lost money, some more than others. The smart money sold out in time, as always. The frustrations of the TSLA correction are showing in the forum. I made a panic move today getting out of TSLA altogether in the morning after the 2nd fire news on the forum not doing my homework on the reason for the 2nd fire. After I got back in I already had lost a decent amount of $ and now have to face significant tax burdens, a double whammy, which is completely opposite to my plans and my nature. Oh well s**t happens but I have been thinking all day trying to figure out how to buy back the shares I lost on the trade and planning for Uncle Sam next April.
Bottom line let's huddle together rather than show our frustrations, anger, criticisms, etc. We all have our individual goals to meet with TSLA and have to take responsibility for our own finances. This is not a forum for investment advice, only sharing of views, nobody should take it any other way. We also may need to be careful about language that carries excessive confidence in predictions, etc. Use of "Should", "may", "likely" are highly recommended. We are all guilty in some way or another. Tomorrow is a new day. Let's hope for the best. bad days can't go on forever. What is that saying Buffet uses'' "Buy when everyone is selling" and vice-versa.
I know the last several weeks have been very frustrating for a lot of us. Many of us have lost money, some more than others. The smart money sold out in time, as always. The frustrations of the TSLA correction are showing in the forum. I made a panic move today getting out of TSLA altogether in the morning after the 2nd fire news on the forum not doing my homework on the reason for the 2nd fire. After I got back in I already had lost a decent amount of $ and now have to face significant tax burdens, a double whammy, which is completely opposite to my plans and my nature. Oh well s**t happens but I have been thinking all day trying to figure out how to buy back the shares I lost on the trade and planning for Uncle Sam next April.
Bottom line let's huddle together rather than show our frustrations, anger, criticisms, etc. We all have our individual goals to meet with TSLA and have to take responsibility for our own finances. This is not a forum for investment advice, only sharing of views, nobody should take it any other way. We also may need to be careful about language that carries excessive confidence in predictions, etc. Use of "Should", "may", "likely" are highly recommended. We are all guilty in some way or another. Tomorrow is a new day. Let's hope for the best. bad days can't go on forever. What is that saying Buffet uses'' "Buy when everyone is selling" and vice-versa.
Below is an article published today about a firm considering a lawsuit against Tesla Motors regarding claims of safety before the car fires. Following that is my response to the law firm. Other shareholders here may want to consider sending a similar email to [email protected] .
____________________________
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Tesla Motors, Inc. -- TSLA
11:32a ET October 30, 2013 (GlobeNewswire)
Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Tesla Motors, Inc. ("Tesla"). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Tesla and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In an August 19, 2013 press release, Tesla touted its Model S as having achieved the "best safety rating of any car ever tested" by the National Highway Traffic Safety Administration ("NHTSA"). On October 2, 2013, an analyst downgraded Tesla due to "execution risk." On October 17, 2013 in Merida, Mexico, a Model S sped into a roundabout, crashed through a concrete wall and hit a tree. The driver fled the scene before the car went up in flames. The U.S. automotive Web site Jalopnik reported the story Monday, citing the Mexican newspaper Progreso Hoy.
It was the second time this month that a Model S - (Tesla's only vehicle on the market) was in a fiery crash. On October 2, 2013, a Model S burned after hitting road debris in Kent, Washington.
On this news, shares of Tesla fell 4 percent to close at $162.86 on October 28, 2013. The shares have fallen 16 percent since the October 2 crash.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See Pomerantz Law | Front.
Dear PGHDG:
I’m a Tesla Motors shareholder. You’ve got to be kidding regarding your investigation of the company. Stop now. Any potential gains from a lawsuit would be miniscule compared to share price drops due to publication of your intentions. You actually would be helping the short sellers and hurting the shareholders. If your ulterior motive is actually to aid the former, then we shareholders should be suing you.
There are hundreds of car fires in the US every day. Many involve death or severe injury. The Tesla fires were contained to the front of the batteries due to a safety design that compartmentalized the batteries. There were no injuries. Both drivers still love the Model S and are anxious to get replacements.
The Tesla fires were the result of unusual accidents, not spontaneous as in the case of a Fisker car. The first one involved running over a truck fender that jackknifed forcing puncture with a force of 25 tons. The NHTSA says it’s not worth further investigation since there was no safety defect. The second involved a drunk who ran the car at high speed into a wall.
The fact that the fires were freakish accidents, contained and the drivers were unhurt screams that the Model S is well designed for safety and is indeed the world’s safest car. If any party needs to be investigated and considered for a lawsuit, it is your firm.
Regards,
Curt Renz
____________________________
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims on Behalf of Investors of Tesla Motors, Inc. -- TSLA
11:32a ET October 30, 2013 (GlobeNewswire)
Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Tesla Motors, Inc. ("Tesla"). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Tesla and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. In an August 19, 2013 press release, Tesla touted its Model S as having achieved the "best safety rating of any car ever tested" by the National Highway Traffic Safety Administration ("NHTSA"). On October 2, 2013, an analyst downgraded Tesla due to "execution risk." On October 17, 2013 in Merida, Mexico, a Model S sped into a roundabout, crashed through a concrete wall and hit a tree. The driver fled the scene before the car went up in flames. The U.S. automotive Web site Jalopnik reported the story Monday, citing the Mexican newspaper Progreso Hoy.
It was the second time this month that a Model S - (Tesla's only vehicle on the market) was in a fiery crash. On October 2, 2013, a Model S burned after hitting road debris in Kent, Washington.
On this news, shares of Tesla fell 4 percent to close at $162.86 on October 28, 2013. The shares have fallen 16 percent since the October 2 crash.
Pomerantz Grossman Hufford Dahlstrom & Gross LLP, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See Pomerantz Law | Front.
| CONTACT: Robert S. Willoughby Pomerantz Grossman Hufford Dahlstrom & Gross LLP [email protected] _________________________________ |
I’m a Tesla Motors shareholder. You’ve got to be kidding regarding your investigation of the company. Stop now. Any potential gains from a lawsuit would be miniscule compared to share price drops due to publication of your intentions. You actually would be helping the short sellers and hurting the shareholders. If your ulterior motive is actually to aid the former, then we shareholders should be suing you.
There are hundreds of car fires in the US every day. Many involve death or severe injury. The Tesla fires were contained to the front of the batteries due to a safety design that compartmentalized the batteries. There were no injuries. Both drivers still love the Model S and are anxious to get replacements.
The Tesla fires were the result of unusual accidents, not spontaneous as in the case of a Fisker car. The first one involved running over a truck fender that jackknifed forcing puncture with a force of 25 tons. The NHTSA says it’s not worth further investigation since there was no safety defect. The second involved a drunk who ran the car at high speed into a wall.
The fact that the fires were freakish accidents, contained and the drivers were unhurt screams that the Model S is well designed for safety and is indeed the world’s safest car. If any party needs to be investigated and considered for a lawsuit, it is your firm.
Regards,
Curt Renz
Thanks Curt. I sent the following to Mr. Willoughby.
Dear Sir:
I am a shareholder of Tesla Motors. Your investigation of the company should consist of reading your own press release, which says:
"Tesla touted its Model S as having achieved the "best safety rating of any car ever tested" by the National Highway Traffic Safety Administration."
Tesla did not say their car could never be damaged by freakish or extreme collisions such as punching the battery pack with a force of 25 tons or smashing through a concrete wall into a tree. Tesla said their car performed the best ever in the NHTSA tests, which do not include such freakish or extreme collisions.
Despite the limitations of NHTSA testing, Tesla's safety systems allowed the drivers in these extreme collisions (and others) to walk away without injury, and the NHTSA already concluded that no safety defect has been demonstrated in the car.
Therefore I am satisfied that Tesla violated no laws. Your investigation is not on my behalf. Please stop it.
Sincerely,
Dear Sir:
I am a shareholder of Tesla Motors. Your investigation of the company should consist of reading your own press release, which says:
"Tesla touted its Model S as having achieved the "best safety rating of any car ever tested" by the National Highway Traffic Safety Administration."
Tesla did not say their car could never be damaged by freakish or extreme collisions such as punching the battery pack with a force of 25 tons or smashing through a concrete wall into a tree. Tesla said their car performed the best ever in the NHTSA tests, which do not include such freakish or extreme collisions.
Despite the limitations of NHTSA testing, Tesla's safety systems allowed the drivers in these extreme collisions (and others) to walk away without injury, and the NHTSA already concluded that no safety defect has been demonstrated in the car.
Therefore I am satisfied that Tesla violated no laws. Your investigation is not on my behalf. Please stop it.
Sincerely,
Hey, if you're a shareholder, write to them or call them. They don't read this forum, I wager. Tesla makes the only car in the world where you can crash through a concrete wall with an electrified fence, end up in a tree, and flee the scene, or drive over (what was it?) metal pipe at highway speeds and have your car tell you it's about to catch on fire and why, encouraging you to pull over, then do its best to minimize the fire damage by containing the burning substances.
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