DETROIT (AP) — Tesla Motors CEO Elon Musk says the company's Model S sedan won't be recalled despite three vehicle fires in the last few weeks.
In an interview at The New York Times' DealBook conference, Musk said the Model S electric car 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 three fires.
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.
Ultimately, the government could decide to recall the Model S. The National Highway Traffic Safety Administration says it's in contact with Tesla and authorities in Tennessee, where the latest fire happened last week.
©2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.