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Friday, March 1, 2024

Tesla’s Huge Recall: Musk Led EV Company Recalls Over 1M Cars In Key Market China – Tesla (NASDAQ:TSLA)

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  • A braking and acceleration defect prompted Tesla, Inc TSLA to recall nearly every car it sold in China to prevent crashes and safety risks.
  • The EV maker proposes to deploy an over-the-air software fix to more than 1.1 million vehicles produced in Shanghai from January 2019 to April 2023, plus some models imported into China, Bloomberg cites the State Administration for Market Regulation.
  • The software fix will help drivers to set the intensity of their regenerative braking and adjust the factory default state of the system.
  • Read: Why This Tesla Analyst Expects Stock To Spike Over Next 3 Sessions
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  • The cars also will start notifying drivers when they’ve pressed the accelerator for an extended period.
  • Tesla sold around 1.13 million cars in China from 2014 through March 2023.
  • China several times called out Tesla for issues with acceleration and braking in their cars.
  • Tesla’s revenue from China climbed to over $18 billion in 2022, more than sixfold it generated in 2019.
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  • Tesla has an EV factory on the outskirts of Shanghai that produced almost 711,000 cars in 2022, more than half its worldwide output.
  • Price Action: TSLA shares traded higher by 1.32% at $174.35 in the premarket on the last check Friday.
  • Photo via Wikimedia Commons

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