Shares of Tesla Motors (TSLA) soared more than 10% in Tuesday morning trading after German regulators did not find any defects in its Model S electric cars.

In the wake of a series of vehicle fires in the U.S. and Mexico, Germany’s Federal Motor Transport Authority (FMTA) launched a review of technical data pertaining to the Model S. Tesla says the regulator did not identify any design flaws and that Tesla would see no further regulatory action in Germany, Bloomberg notes.

The first fire occurred outside Seattle, reportedly after a Model S struck road debris that penetrated its battery compartment. Regulators initially cleared the vehicle of any design flaws after the fire. However, a second fire happened under similar circumstances in Tennessee some weeks later, while a third fire was reported in Mexico.

Tesla shares fell sharply after reports of the most recent incidents hit the media.

The company says it asked the U.S. National Hight Safety Transportation Administration (NHSTA) to review the Model S in the wake of the most recent incidents. The agency is empowered to request a recall. That review is on-going.

CEO Elon Musk has expressed confidence that the U.S. inquiry will not result in a recall.

No one was reported injured in any of the incidents involving the Model S, which was named Motor Trends’ 2013 Car of the Year.