Shares of Tesla fall after Consumer Reports pulls recommendation for Model S

NEW YORK, Oct. 20 (UPI) -- Shares of Tesla Motors fell sharply Tuesday after buyer advocacy magazine Consumer Reports pulled its previous recommendation of the automaker's Model S sedan.

The news sent shares of Tesla falling by as much as 10 percent in trading Tuesday.

Consumer Reports, which reviews all vehicles annually based on expected reliability, reversed course on Tesla's Model S and gave it a "worse than average" reliability rating in its new annual report, issued Tuesday.

The magazine said it surveyed more than 1,400 Model S owners and found that many of them described a variety of problems with the drivetrain, power equipment, charging equipment and center console.

"As the older vehicles are getting up on miles, we are seeing some where the electric motor needs to be replaced and the on-board charging system won't charge the battery," Jake Fisher, Consumer Reports' director of automotive testing, said. "On the newer vehicles, we are seeing problems such as the sunroof not operating properly. Door handles continue to be an issue."

Tesla's Model S, which has a base price around $70,000, is one of the only luxury electric vehicles on the road.

Consumer Reports had previously raved about the perceived reliability of the Model S.