Last night after the market closed Tesla disclosed that the German Federal Motor Transport Authority (KRAFTFAHRT-BUNDESAMT) cleared Tesla of manufacturer-related defects in the three fires in recent months. “Therefore, no further measures under the German Product Safety Act [Produktsicherheitsgesetz (ProdSG)] are deemed necessary.”
The assumption on Wall Street is that if the German Motor Transport Authority cleared Tesla, so would the NHTSA. German automotive standards are generally considered more stringent (and efficient) than that of the US.
Analysts jumped on the news and dialed the stock up. The market responded with a 20 point gain after opening up 6 points and steady growth throughout the day.
Analyst’s words follow: expand full story