Tesla shares jump on positive safety news

Good news yesterday from the National Highway Traffic Safety Administration pushed electric car builder Tesla’s stock up more than 5 percent yesterday.

Climbing to $151.41 on the New York Stock Exchange, shares in Tesla are beginning to regain some of the ground they lost over the last three months after a number of high profile fires made big news. Tesla’s stock was at a record high of $193.37 at the end of September before tanking more than 25 percent on account of concerns related to the Model S sedan’s battery pack.

Yesterday, however, Tesla was granted another five star safety rating by NHTSA, the federal agency responsible for testing the crash worthiness of new cars. NHTSA opened an investigation into the Model S earlier this year, but the agency says it won’t report its findings until sometime next year. The five star award is a carry-over from last year; no major changes were made to the Model S for 2014, but Wall Street was apparently happy with the news anyway.

Germany’s NHTSA equivalent cleared the Model S in its similar investigation earlier this month.

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