Home > Tesla recalls nearly 500,000 electric cars over safety issues

Tesla recalls nearly 500,000 electric cars over safety issues

Electric vehicle manufacturer Tesla has recalled nearly half a million of its cars due to safety concerns.

Tesla, the world’s leading electric vehicle manufacturer, recalled 475,000 of its Model 3 and Model S vehicles earlier this week. According to the National Highway Traffic Safety Administration (NHTSA), Tesla recalled the vehicles so it could address rearview camera and trunk issues that enhance the risk of crashing.

The shares of Tesla have declined by more than 2% since the regulatory agency announced the recall on behalf of the company. NHTSA added that it is currently in talks with Tesla regarding another camera issue and is also reviewing the electric vehicle manufacturer’s river assistant system and other issues.

Tesla recalled nearly 500,000 of its Model 3 and S vehicles manufactured between 2014 and 2021. The report pointed out that the company has recalled 356,309 2017-2020 Model 3 vehicles, and it will address the rearview camera issues.

Furthermore, Tesla recalled 119,009 Model S vehicles due to front hood problem issues. The NHTSA said for the Model 3 sedans,

“The rearview camera cable harness may be damaged by the opening and closing of the trunk lid, preventing the rearview camera image from displaying.”

Tesla had pointed out that it is not aware of any injuries, deaths, or crashes related to the issues that resulted in the recall of the Model 3 and S cars. The shares of Tesla have dipped by more than 2% since the company announced the recall.

Earlier this week, TSLA was trading around $1,100 per share, but it has dipped by more than 2% and ended the year trading at $1,057 per share. Despite its recent poor performance, Tesla has been one of the top-performing companies this year.

Tesla entered the trillion-dollar club in terms of market cap, with its stock price up by more than 49% over the past year.

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