May 22, 2018 / 11:03 AM / 5 months ago

UPDATE 1-Tesla's Musk admits Model 3 braking issue, promises fix

(Adds analyst's comment, Musk comments, share movement)

May 22 (Reuters) - Tesla Inc's Chief Executive Officer Elon Musk admitted late on Monday there was a braking issue with the Model 3 sedan, pointed out by Consumer Reports, and said it can be fixed with a firmware update that the electric car maker will be rolling out in a few days.

"With further refinement, we can improve braking distance beyond initial specs. Tesla won't stop until Model 3 has better braking than any remotely comparable car," Musk wrote in a tweet here

Musk said that Consumer Reports had an early production car and would request them to test a newer model.

"Model 3 now has improved ride comfort, lower wind noise & many other small improvements", Musk wrote in another tweet.

Influential U.S. magazine Consumer Reports on Monday said it will not recommend the affordable Model 3, seen as key to Tesla's profitability, as it braked slower than a full-sized pickup truck.

Consumer Reports criticized the Model 3 for having overly long stopping distances and a difficult-to-use center touch screen.

Research analyst Frank Schwope at NordLB called the report a really bad advertisement and could discourage new customers.

Shares of Tesla were trading slightly up at $286.11 in premarket trading on Tuesday, after closing up 2.8 percent at $284.49 on the Nasdaq on Monday. (Reporting by Sonam Rai and Vibhuti Sharma in Bengaluru; Editing by Bernard Orr)

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