U.S. markets open in 9 minutes
  • S&P Futures

    3,805.50
    +40.00 (+1.06%)
     
  • Dow Futures

    31,177.00
    +299.00 (+0.97%)
     
  • Nasdaq Futures

    12,582.25
    +127.25 (+1.02%)
     
  • Russell 2000 Futures

    2,181.10
    +36.60 (+1.71%)
     
  • Crude Oil

    65.49
    +1.66 (+2.60%)
     
  • Gold

    1,695.30
    -5.40 (-0.32%)
     
  • Silver

    25.24
    -0.23 (-0.89%)
     
  • EUR/USD

    1.1947
    -0.0031 (-0.26%)
     
  • 10-Yr Bond

    1.5990
    +0.0490 (+3.16%)
     
  • Vix

    26.35
    -0.32 (-1.20%)
     
  • GBP/USD

    1.3867
    -0.0027 (-0.20%)
     
  • USD/JPY

    108.1880
    +0.2120 (+0.20%)
     
  • BTC-USD

    48,449.26
    -983.67 (-1.99%)
     
  • CMC Crypto 200

    966.30
    -20.91 (-2.12%)
     
  • FTSE 100

    6,700.32
    +49.44 (+0.74%)
     
  • Nikkei 225

    28,864.32
    -65.78 (-0.23%)
     

Tesla Model 3 Explodes In Shanghai Parking Lot: Report

  • Oops!
    Something went wrong.
    Please try again later.
Mohit Manghnani
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

Tesla Inc (NASDAQ: TSLA) Model 3 car exploded in an underground residential parking garage in Shanghai, China, on Tuesday, CNBC reported citing Chinese media.

What Happened: Reportedly, there were no injuries or casualties on the accident site. Tesla’s Shanghai-based unit told in a statement that preliminary analysis suggests that the Model 3 combustion was caused by a damaged battery pack from an impact on the car’s underside.

 Yicai Global reports that Tesla is cooperating with the fire department’s investigations and helping the owner with the insurance claim. 

It is unknown if the battery-pack was manufactured locally or imported. Chinese battery manufacturer, Contemporary Amperex Technology, told local state media that they did not manufacture the exploded battery pack.

Related News: Tesla Model Y Crash Test Video Shows Why It Received 5 Star Safety In All Categories

Why It Matters: This is not the first Tesla car to burst into flames. In April 2019, a similar incident took place in Shanghai, CNBC noted.

Tesla’s cars have come under scrutiny for various reasons like their self-driving technology, Model X crash in South Korea, Model S X MCU failures, recall over the improperly attached roof

This week, Tesla began Model Y SUV deliveries in China. The Elon Musk-led company will start operations in India soon.

Price Action: TSLA shares closed 0.70% higher at $850.45 on Tuesday.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.

Image Courtesy: Wikimedia

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.