Hot Metal Spill at Tesla Plant Injures 3 - Analyst Blog
November 14 2013 - 6:06PM
Zacks
Tesla Motors, Inc. (TSLA) seems to be suffering
an ominous time of late. Following three incidents of Model S
catching fire, this time the automaker had to witness a hot metal
spill at its San Francisco Bay Area factory.
The accident was caused by failure of an aluminum casting press,
injuring three employees. One of them was seriously injured and the
other two suffered minor injuries. The seriously injured worker
suffered burns on the chest and upper body. All three employees
were admitted to Santa Clara Valley Medical Center in San Jose with
second-degree burns.
However, there was no report of fire in the plant. The San
Francisco Bay Area factory was formerly jointly-owned by
General Motors (GM) and Toyota
Motor (TM). It was taken over by Tesla four
years ago and was transformed into a state-of-the-art facility.
This accident happened just after Tesla’s third Model S vehicle was
reported to have caught fire on Nov 7, 2013. The incident occurred
near Smyrna, Tenn., after the vehicle hit road debris. The
collision led to fire in the front portion of the vehicle.
Separately, Tesla announced that it is considering developing an
electric pickup truck within five years. The truck will be modeled
after Ford Motor Co.’s (F) best-selling F-150
pickup. It is expected that the company will launch the new pickup
truck after introducing Model X in 2014 and a third-generation
electric car for the mass market in 2017.
Pickup trucks are a profitable venture for automakers in the U.S.
Both Ford and General motors have recorded strong profits in this
segment. It is expected that this new launch will have favorable
impacts on Tesla’s results in the long run.
Tesla currently retains a Zacks Rank #3 (Hold).
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