The value of Tesla Incorporation’s shares fell by around 3 percent once this vehicle report was published. Following this report was feedback from 1000s of vehicle owners stressing about the reliability concerns regarding the Model 3. Due to this reliability related problem, the “Consumer Report “would no longer be recommending the vehicle. This has led to a fall from 2nd place to the 13th out of almost 33 brands which are ranked by the Consumer Reports. Tesla and Chrysler tied for the biggest fall of the year of 11 positions.
Jake Fisher from the Consumer Reports is reported to have said that there are various electronics-related issues with the model.
Several factors are taken under consideration by the Consumer Reports before recommending a specific model. These factors include the feedback given by owners of these vehicles, tests, and reviews by the auto team of the firm and the performance in the crash test. The conclusion was basically because of the feedback by the owners facing issues related to the finishing of the product. A tiny stress fracture could clearly be seen in the model that was tested by the corporation.
In March 2018, CNBC reportedly said that the future of Tesla as a general choice for consumers on large scale is dependent on the efficiency, automation in the Model 3’s production, around 400 thousand people paid $1000 refundable fee for reservation. Elon Musk said that the firm is likely to make around 20 thousand pieces of the Model 3s every month till December.
A spokesperson from Car manufacturing tycoon has been reported to claim that the firm is focused on setting the bar extremely high this time. He further clarified that the firm offers 100% price-back to those who aren’t satisfied with the Tesla Model 3. He also clarified that they took a strict action based on the report and made required amendments.
The spokesperson further claimed that most issues mentioned have already been dealt with. Despite the issues that were reported by the owner, they themselves, were satisfied with their cars, except for a few exceptions.