Tesla Model S loses Consumer Reports recommendation
Tesla stock plunged Tuesday after a Consumer Reports survey found that advanced fuel-saving technology and digital multimedia systems were hurting the Model S in reliability. Vehicles from several other automakers were dinged in the reliability report.
Advanced fuel-saving technology and digital multimedia systems in vehicles, including the Tesla Model S sedan, are hurting reliability, Consumer Reports magazine found on Tuesday in its annual survey of vehicle reliability.
Tesla's stock fell 10.2 percent following the report, which found owners reported "an array of detailed and complicated maladies" in their Model S sedans.
There is "an emerging trend of increased troubles" with many vehicles that use new transmission technology to boost mileage, the magazine said. The latest reliability survey was to be presented by the magazine's editors at a meeting of Detroit's Automotive Press Association.
The Model S, one of the most technologically adventurous cars on the market, registered a worse than average reliability score based on survey responses from 1,400 owners, Consumer Reports found.
The battery powered Model S P85D was recently lauded by the magazine's editors for racking up the best scores ever in its performance tests. But owners complained of rattles, leaks, and problems with the charging equipment, drivetrain and center console displays, Consumer Reports said.
Complaints about balky multimedia "infotainment" systems continue to plague several major automakers, including Ford Motor Co, Nissan Motor Co, Fiat Chrysler Automobiles NV , and several prominent brands including General Motors Co's Cadillac luxury line, the magazine found.
Honda Motor Co's Acura luxury brand fell seven places to No. 18 in the magazine's ranking of 28 brands because of problems with transmissions and in-car entertainment systems.
Overall, Toyota Motor Corp's Lexus brand was the top-ranked brand in the magazine's reliability survey. The highest-ranked Detroit brand was Buick, at No. 7.
Fiat Chrysler Automobiles NV's Fiat brand came in last. Shares of the company traded down 2 percent on Tuesday.
Consumer Reports said its 2015 reliability survey took into account data on 740,000 vehicles.