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Tesla Stock Hits All-Time High Hours Before Fifth Car Fire Reported

A Tesla Model S caught fire while parked in its owner's garage in Toronto earlier this month. This marks the fifth car fire in five months for the California automaker, according to CNBC. On Feb. 1, a four-month-old Model S was parked and unplugged in a garage when its owner heard the fire alarm go off. The car was quickly engulfed in flames. The fire damaged the garage and nearly destroyed another vehicle. Toronto Fire Service tells CNBC the engine area was the source of the blaze. Tesla is investigating the fire, and issued a statement to Business Insider reminding consumers that every automotive company expects to deal with car fires at some point and that gasoline cars experience higher car fires than Tesla on average. There have been no deaths due to the fires. Five Teslas have caught fire in the last five months, two were started when their battery packs were punctured by debris in the road. A ho-hum third-quarter in 2013 and news of the fires caused the stock price to dwindle to $120 a share. The company recently reclaimed much of that ground, surging for the first time past $200 a share just this week, Autoblog Green reported. Related: Tesla Model S Test Drive | TRANSLOGIC Related Gallery The Top Ten Best Green Cars -- And 3 Clunkers View 14 Photos Tesla fire engine stock stocks

Musk says Tesla 'definitely' won't recall Model S

Since early October, three Tesla Model S sedans have caught on fire, gained viral media coverage and received intense scrutiny, but Tesla's CEO and largest shareholder, Elon Musk, says "there's definitely not going to be a recall" of the Model S, Bloomberg reports. As of late October, the National Highway Traffic Safety administration (NHTSA) says it will not be launching a formal investigation into the Model S fire in Seattle, because there's no evidence to suggest that the fire was caused by a manufacturer defect and no government-mandated safety regulations were violated.
Though the fires are alarming, one must realize that hundreds of thousands of vehicle fires occur in the US every year. Electric Teslas, like any vehicle (including those with an internal combustion engine), are not immune to catching fire in certain situations. Here's Musk's take on the issue: "[The Model S] is about five times less likely to have a fire than an average gasoline car," he reportedly said Tuesday at the New York Times' DealBook conference in New York.
The first of the aforementioned fires occurred in Seattle and started in the battery pack after the Tesla hit a piece of road debris. The second fire occurred in Merida, Mexico, after the driver, who was speeding in his Model S, reportedly struck a raised pedestrian crossing, launched into the air and then crashed into a wall and tree. The third Model S ignition occurred after the driver ran over a tow hitch in Smyrna, Tenn., and - similar to the Seattle fire - damaged the undercarriage of the car where the battery is located.

Automaker interest in open Tesla EV patents is decidedly lukewarm

Tesla Motors made big headlines when CEO Elon Musk announced a few weeks ago that he would open up all of the automaker's patents. The response has been interesting, to say the least, with some electric vehicle advocates and investor groups praising the news and others saying that what Musk did wasn't all that big a deal, in the end. "No major car company would be foolish enough to use Tesla's patents." – Motley Fool The Motley Fool, for example, says that the patents themselves are not all that revealing since, "There often is only so much information that you can get from a patent. Only Tesla knows how to put it all together in a cost-effective manner." And who's to say that once you dig into the patents, they won't be outdated? A search of the US Patent Office reveals 1,444 patents for "Tesla and motors" including some from inventor Nikola Tesla and other sources. The Washington Post says Tesla Motors itself only has around 300 patents. The Motley Fool also notes that Musk's statement was not a legal document and that, "no major car company would be foolish enough to use Tesla's patents based on some undefined words in a blog post by one executive who may not even be working at Tesla in five years." Then there's the fact that the battery technology that Tesla uses, linking up thousands of small format cells from Panasonic, is not something most other automakers have expressed an interest in. The cell patents belong to Panasonic and most automakers use larger format cells anyway. Still, there is some excitement over the announcement in the EV space. The most concrete evidence we have of a major global OEM working with Tesla are the stories about BMW and Nissan meeting with Tesla in secret to discuss charging technology. Details are sadly lacking, but BMW of North America's product and technology communications manager, Matthew Russell, told AutoblogGreen, "We can confirm that BMW Group executives met on June 11th, 2014 with Tesla executives. Both companies are strongly committed to the success of electric vehicles and discussed how to further strengthen the development of electro mobility on an international level. We are interested in the success of electro mobility, but we cannot comment on the business announcements from other companies." But the news has been greeted with a lukewarm 'meh' from most of the rest of the automotive industry.