No Recall Says Tesla Motors CEO

DETROIT (WWJ/AP) – Tesla Motors CEO Elon Musk says the company’s Model S electric sedan won’t be recalled despite three vehicle fires in the last few weeks.

Musk tells the New York Times the Model S is five times less likely to have a fire than a gasoline car in the U.S.

He also said no drivers were injured in the fires that occurred in Seattle, Mexico and Tennessee.

Tesla’s shares fell 5 percent to close at $137.80 Tuesday because of rumors the Model S might be recalled.

They rose 2 percent after hours after Musk spoke.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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