Tesla Motors Inc (NASDAQ:TSLA) CEO Elon Musk is working his Twitter account today—and possibly working some magic on the automaker’s share price at the same time. Shares are up more than 5% in midday trading after a terrible day on Monday.
Tesla’s Musk calls mainstream media headlines “incredibly unjust”
Earlier today, Musk tweeted again about how the mainstream media has been hyper-focused on the three recent Model S fires. He asked why Tesla Motors Inc (NASDAQ:TSLA)’s three vehicle fires receive more headlines than the numerous fires which happen in gasoline vehicles.
He also tweeted a link to the Tesla mission blog post from last night and then said all the media coverage is “incredible unjust” because of the Model S sedan’s impeccable safety record. Here’s his full tweet:
What makes this incredibly unjust is that the Model S to date has the best safety record of any car on the road (no injuries or deaths ever)
— Elon Musk (@elonmusk) November 19, 2013
Investors worry about Model S fires
Although many factors have been affecting shares of Tesla Motors Inc (NASDAQ:TSLA) lately, worries about an investigation into the three recent Model S fires may have been among the biggest ones. Now we know that regulators with the National Highway Traffic Safety Administration are indeed looking into those fires, but it isn’t because they have concerns. It’s because Tesla has once again taken a proactive approach to the problem and is now requesting that the agency investigate the fires.
Included in Musk’s tweets today are some highlights from the mission statement posted on Tesla’s blog last night. He said if the NHTSA does find something that would “materially improve” the safety of the Model S, they would implement it quickly without any cost to drivers. They are also extending the warranty on the vehicle to cover any fire damage, even if it is because of driver error, like in an accident.
Investors like Tesla’s proactive approach
Earlier this year, Tesla Motors Inc (NASDAQ:TSLA) issued a voluntary recall for a relatively minor issue, and the automaker’s shares rose not long after that, seeming to defy anything resembling gravity on Wall Street. It would seem like investors still appreciate this proactive result as they send shares higher today after the company’s announcements. However, the stock still remains significantly below its September high of around $193 a share.