Tesla shares hit by Consumer Reports criticism
By Vibhuti Sharma (Reuters) - U.S. consumer bible Consumer Reports stopped short of recommending Tesla Inc's Model 3 electric car on Monday, criticising it for its braking and taking the shine off a day of gains for shares in billionaire Elon Musk's venture.
By Vibhuti Sharma
(Reuters) - U.S. consumer bible Consumer Reports stopped short of recommending Tesla Inc's Model 3 electric car on Monday, criticising it for its braking and taking the shine off a day of gains for shares in billionaire Elon Musk's venture.
Musk had driven shares in the electric carmaker higher with a weekend twitter discussion which argued the company should focus more initially on delivering higher-priced fully-loaded editions of the Model 3 sedan.
That car is seen as crucial to Tesla's profitability at a time when it is battling reports of crashes involving its vehicles, a shortage of cash and production problems.
Consumer Reports, however, declined to recommend the Model 3 and criticised it for having overly-long stopping distances and difficult-to-use controls.
Tesla shares were last up 2.5 percent at $283.90, having risen more than 4 percent after investors were encouraged by Musk's $78,000 price tag for the fully-loaded version of the sedan.
Consumer Reports, whose scorecard is influential among consumers and industry executives, said even though its tests found plenty to like about the Model 3, it had "big flaws".
Tesla's stopping distance of 152 feet when braking at 60 mph was far worse than any contemporary car tested by the magazine and about seven feet longer than the stopping distance of a Ford F-150 full-sized pickup.
Responding, a Tesla spokesperson said: "Tesla's own testing has found braking distances with an average of 133 feet when conducting the 60-0 mph stops using the 18" Michelin all season tire and as low as 126 feet with all tires currently available.
"Unlike other vehicles, Tesla is uniquely positioned to address more corner cases over time through over-the-air software updates, and it continually does so to improve factors such as stopping distance."
(Reporting by Vibhuti Sharma and Sonam Rai in Bengaluru; editing by Patrick Graham)
This story has not been edited by Firstpost staff and is generated by auto-feed.
U.S. home sales fall as tight supply boosts prices | Reuters
France, Germany to agree to NATO role against Islamic State - sources | Reuters
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
China's Xi says navy should become world class | Reuters
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.