Tesla investors shrugged off news Tuesday that federal safety officials were investigating battery fires in the company’s electric sedans.
The National Highway Traffic Safety Administration is looking at two incidents in which Model S drivers struck metal object with the undercarriage, sparking fires.
The fires weren’t fatal and company founder Elon Musk defended the car’s safety, saying that the Model S has proven safer than its gas-guzzling counterparts.
In a blog post, Musk claimed that drivers are “more likely to be struck by lightning in your lifetime than experience even a non-injurious fire in a Tesla.”
Despite the controversy over the car’s safety, investors took a break from bashing the stock.
Tesla shares, which are up 272 percent this year, rose another 3.7 percent Tuesday, to $126.09.
“They’re being overly scrutinized right now for the fires” because of the lofty stock price, said S&P Capital IQ analyst Efraim Levy.