After review Tesla loses hundreds of orders, $100 million in stock market value

By on February 26, 2013, 8:30 AM

The fallout from the New York Times' controversial review of the Tesla Model S continues as CEO Elon Musk said hundreds of people have cancelled orders for the electric car. It didn’t stop there as the company’s stock market value has dropped by more than $100 million since the write-up was published.

During a recent interview with Bloomberg TV, Musk said the incident certainly isn’t trivial given the impact it’s had on the company. He said it wasn’t like a thousand people cancelled their order but there were probably a few hundred. Even still, Musk noted that Tesla has seen more reservations for the Model S as each quarter passes which shows that demand for the car is increasing.

It all began earlier this month when the NY Times published a less-than-favorable review of Tesla’s Model S. The article’s author, John Broder, said the car ran out of juice prematurely and ultimately left him stranded and in need of a tow truck.

Musk refuted the claims, saying the publication flat out lied about the performance of the car. The angry CEO published logs from the car that, among other things, show Broder never set his cruise control at 54 mph to conserve energy as he claimed, unplugged the charging cable when its range was showing 32 miles for a 61 mile journey and didn’t turn off the heater as he claimed. Musk said that when the facts didn’t suit his opinion, he simply changed the facts.

Add New Comment

TechSpot Members
Login or sign up for free,
it takes about 30 seconds.
You may also...
Get complete access to the TechSpot community. Join thousands of technology enthusiasts that contribute and share knowledge in our forum. Get a private inbox, upload your own photo gallery and more.