A federal regulator is ending its probe of Tesla Motors’ (TSLA) pricey electric luxury cars. TSLA shares climbed almost 3% on the news.
Last year, the National Highway Traffic Safety Administration (NHTSA) launched an investigation into Tesla’s Model S vehicles after a series of fires were reported. The NHTSA now says that the investigation has been concluded and that no “defect trend” in the Model S had been identified, Reuters notes.
However, the NHTSA also noted that the end of the investigation “does not constitute a finding by NHTSA that a safety-related defect does not exist.”
Tesla has recently had mixed results winning state permission to market its electric vehicle directly to consumers. Earlier this month, New Jersey ruled that Tesla cannot sell directly in the Garden State, but last week Arizona’s state senate cleared a bill that would exempt Tesla from rules mandating vehicle sales through dealerships.
TSLA stock closed at $207.32 per share on Thursday. Over the past 12 months, TSLA stock has soared more than 400%.
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