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Tesla (TSLA) Stock Continues to Fall After Consumer Reports Pulls Recommendation

NEW YORK (TheStreet) -- Shares of Tesla Motors (TSLA - Get Report) were falling 1.2% to $210.51 on Wednesday morning after Consumer Reports pulled its recommendation for the electric vehicle maker's Model S on Tuesday.

The magazine pulled its recommendation for the electric sedan because of poor reliability after surveying 1,400 Model S owners.

Consumer Reports said Tesla owners reported a number of problems with the vehicle including display screen freezing, door handle malfunctions, leaking sun roofs, and full replacements of the electric motor in its annual reliability survey.

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"As the older vehicles are getting up on miles we are seeing some where the electric motor needs to be replaced and the onboard charging system won't charge the battery," Consumer Reports' director of automotive testing Jake Fisher said.

The survey respondents did report rapid response times from Tesla in relation to issues, with most issues being replaced for free under the company's four-year warranty. Tesla also had a high customer satisfaction rate among those surveyed, with 97% saying they'd buy the car again despite the numerous issues.

Analyst firm Stifel Nicolaus noted that Consumer Reports didn't discuss any new issues that haven't been "discovered...


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