Tesla shares have dropped 10 percent on news today that Consumer Reports would pull its “Recommended” rating from the Model S because of concerns about the car’s reliability. That’s bad.
Also, initial shares of supercar-maker Ferrari may be going for more than expected due to the stock’s appeal on officeÂ walls and potential value people may find in owning another Ferrari-branded item beyond overpriced shirts.Â
Consumer Reports released its Annual Auto Reliability SurveyÂ on Tuesday and said that 1,400 Tesla owners reported higher-than-average problems with their cars. The consumer group reported that owners detailed problems with the car’sÂ “drivetrain, power equipment, charging equipment, giant iPad-like center console, and body and sunroof squeaks, rattles, and leaks.” Or basically everything.
Consumer Reports also detailed problems with 2013 models, the first year Tesla offered the Model S. Those owners say problems with the battery and charging equipment have downgraded the car’s initial “average” rating to a “worse-than-average” rating.
Ferrari is expected to announce pricing for its IPO on Tuesday. That company reported that its price may be higher than the initial $48-$52 per share due to oversubscription of the stock.
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We don’t actually have a stock exchange bureau chief.Â