Tesla is recalling 376,241 vehicles in the US due to an issue with its power-assisted steering system, according to the National Highway Traffic Safety Administration (NHTSA). The recall affects Model 3 and Model Y vehicles manufactured from February 28, 2023, to October 11, 2023, equipped with older software products.
The problem arises when the existing circuit boards in the steering systems become overstressed, causing power-assist steering to fail during sudden stops and accelerations. This increases the risk of a collision. The NHTSA is offering an over-the-air software update to fix the issue.
This US recall follows a similar one in China due to the same steering system problem. Tesla CEO Elon Musk has been involved in previous clashes with the NHTSA over vehicle safety issues, and his team has led mass firings at the agency in recent weeks, reducing its ability to investigate safety matters.
Tesla stock has declined 17% so far this year, with a consensus Hold rating among Wall Street analysts. The average price target of $351.38 implies 4.49% upside from current levels.
Source: https://www.tipranks.com/news/tesla-tsla-recalls-375000-vehicles-in-u-s-over-faulty-steering-system