Billionaire businessman Elon Musk‘s in-tray has got even busier this week as his electric car firm Tesla has been forced to recall more than 40,000 vehicles.
The move, sparked by fears over a loss of power steering assist on some models, may affect the company’s share price—which has already been hit as a result of Musk’s new job as Twitter boss.
The recall relates to the 2017 to 2021 Model S and Model X vehicles, according to news agency Reuters, amid concerns that drivers may experience a loss of power steering assist when driving on rough roads or after hitting a pothole.
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The Texas-based electric vehicle manufacturer has released an over-the-air software update to recalibrate the system after it began rolling out an update on Oct. 11 to better detect unexpected steering assist torque, the agency added.
The National Highway Traffic Safety Administration said a loss of power steering assist can require greater steering effort, especially at low speeds, increasing the crash risks.
But Tesla said it is unaware of any injuries or deaths related to this condition, Reuters reported.
The automaker said that as of Nov. 1 more than 97 percent of the recalled vehicles have installed an update that has already addressed the recall issue.
The recall announcement comes as Tesla shares fell below $200 on Monday, plunging just over 5 percent to $197.08.
MarketWatch published a report on Monday noting shares of Tesla Inc. were heading towards a drop below $200, which would be the first sub-$200 mark in 17 months. The article noted that investors may be demonstrating concern that Musk would be distracted as a result of his new role at Twitter.
Newsweek has reached out to Tesla for comment.
Billionaire businessman Elon Musk’s in-tray has got even busier this week as his electric car firm Tesla has been forced to recall more than 40,000 vehicles.The move, sparked by fears over a loss of power steering assist on some models, may affect the company’s share price—which has already been hit as a result of Musk’s new job as Twitter boss.The recall relates to the 2017 to 2021 Model S and Model X vehicles, according to news agency Reuters, amid concerns that drivers may experience a loss of power steering assist when driving on rough roads or after hitting a pothole. Tesla boss Elon Musk views the new Tesla Model Y at its unveiling in Hawthorne, California on March 14, 2019. Getty Images The Texas-based electric vehicle manufacturer has released an over-the-air software update to recalibrate the system after it began rolling out an update on Oct. 11 to better detect unexpected steering assist torque, the agency added.The National Highway Traffic Safety Administration said a loss of power steering assist can require greater steering effort, especially at low speeds, increasing the crash risks.But Tesla said it is unaware of any injuries or deaths related to this condition, Reuters reported.The automaker said that as of Nov. 1 more than 97 percent of the recalled vehicles have installed an update that has already addressed the recall issue.The recall announcement comes as Tesla shares fell below $200 on Monday, plunging just over 5 percent to $197.08.MarketWatch published a report on Monday noting shares of Tesla Inc. were heading towards a drop below $200, which would be the first sub-$200 mark in 17 months. The article noted that investors may be demonstrating concern that Musk would be distracted as a result of his new role at Twitter.Newsweek has reached out to Tesla for comment.