Over the last year of so, Tesla motors has received some really good press. But this past week, it's been knocked off its pedestal.
"We're a country that likes to put things up on pedestals and then tear them down from pedestals. We do that with people, I think we do that with things," says Jack Nerad, an analyst with Kelley Blue Book.
The electric car company was downgraded by analysts on Tuesday and a video of went viral. The company's stock took a hit.
DETROIT (Reuters) - Two days after a video of a burning Tesla electric car went viral, the "green car" maker grappled with ways to contain the damage as investors shaved $2.4 billion off the company's market value.
Tesla Motors Inc has confirmed that the car caught fire after the driver ran over a large metallic object on Tuesday morning just south of Seattle, causing extensive damage to the front end of the Model S sedan. Emergency officials at the accident said the fire occurred in the electric vehicle's lithium-ion battery.
It was the latest in a string of problems for lithium-ion batteries, which are used heavily in EVs sold by various automakers.
However, the battery fire was the first for Tesla, the California-based EV maker founded by billionaire Elon Musk.