"There's no reason for a recall," the outspoken CEO said in defense of the electric cars during a conference Tuesday hosted by The New York Times Dealbook blog. "If you read the headlines, it sounds like Teslas have a greater propensity to catch fires than other cars. In reality, nothing could be further from the truth."
Musk noted that the Tesla Model S is five times less likely to catch fire than average gasoline cars.
"We have never had a serious injury or death in any of our cars. Maybe there is a car as safe as the Model S, but there is certainly not a car that is safer," Musk said.
Musk said that in the case of the three fires, the owners of the cars have asked for Model S replacements as soon as possible.
Shares of Tesla ( have tumbled nearly 30% since the )first fire was reported in early October. They were higher in after-hours trading Tuesday.
Despite the recent retreat, shares of Tesla remain up more than 300% so far this year. Last month, Musk said Tesla was trading at a price that was higher than the company had "any right to deserve."
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