Tesla stock plummets after fiery crash reported on SR 167

SEATTLE -- Talk about immediate impact: Soon after it was reported that a Tesla Model S caught fire on SR 167 yesterday, it's stock tumbled more than 7 percent, Business Insider reported.

Jalopnik reported that it's not known if the high-performance electric luxury car hit anything or there was some kind of mechanical malfunction that led to the fire, but Tesla officials maintain the fire was caused by a crash.

In a statement, Tesla officials said:

“Yesterday, a Model S collided with a large metallic object in the middle of the road, causing significant damage to the vehicle. The car’s alert system signaled a problem and instructed the driver to pull over safely, which he did. No one was injured, and the sole occupant had sufficient time to exit the vehicle safely and call the authorities. Subsequently, a fire caused by the substantial damage sustained during the collision was contained to the front of the vehicle thanks to the design and construction of the vehicle and battery pack. All indications are that the fire never entered the interior cabin of the car. It was extinguished on-site by the fire department.”