Tesla no longer biggest U.S. car company by market cap as stock plunges after safety distinction eludes Model S

Tesla Inc.’s stock plunged Thursday, extending the sharp selloff it’s endured over the last couple of weeks, after an independent highway-safety organization said the electric-car maker’s flagship Model S failed to qualify for any top safety award.

The latest shortcoming, which comes after changes were made following an initial failure earlier in the year, appears to discredit the company’s claim on its website that its vehicles are “the safest cars ever.”

The stock TSLA, -5.99% tumbled 5.9% in afternoon trade to a six-week low, after skidding 7.2% on Wednesday in the wake of downbeat deliveries data. It has now shed 19.7% since the June 23 record close of $383.45, putting it within a fraction of an official bear market.

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