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Tesla Declines After N.Y. Times Test-Drive: San Francisco Mover

Feb. 11 (Bloomberg) -- Tesla Motors Inc., the maker of electric vehicles led by billionaire Elon Musk, fell the most in almost two months after the New York Times published a first- person account about a Model S sedan test-drive where cold weather reduced the car’s range between charges.

The shares declined 3.5 percent to $37.88 at 10:38 a.m. New York time after sliding as much as 4.4 percent, the biggest intraday drop since Dec. 13. The shares had gained 23 percent in the 12 months through Feb. 8, while the Russell 1000 Index had advanced 13 percent.

The Times on Feb. 8 published a story by John M. Broder detailing how the Model S he drove failed to meet the electric sedan’s 300-mile (483-kilometer) range “under ideal conditions” while driving in temperatures as low as 10 degrees Fahrenheit (minus-12 Celsius). The Times also published a blog post by Broder about the test-drive on the same day.

Tesla has said it will build at least 20,000 of the Model S this year at its Fremont, California, factory and add the Model X electric sport-utility vehicle in 2014. Palo Alto, California- based Tesla is looking to the Model S to help make the company profitable.

The Times’ story and blog post detailed a test drive on Interstate 95 on the U.S. East Coast.

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