Tesla (TSLA) shares dropped sharply Thursday on news the electric vehicle maker is recalling 363,000 vehicles The recall applies to model years ranging from 2016 to the present 2023 makes The recall is related to the vehicles’ Full Self-Driving Beta software Errors mean a vehicle may inadvertently increase speed above and beyond the speed limit or ignore traffic signals Tesla shares dropped 5.7 percent to US$ 202.04 by market close
Tesla (TSLA) shares dropped sharply Thursday on news the electric vehicle maker is recalling 363,000 vehicles.
The safety-related recall relates to the California-based company’s model 3, model S, model X and model Y vehicles, according to the National Highway Traffic Safety Administration (NHTSA).
The model years range from 2016 to the present 2023 makes.
The recall is related to the vehicles’ Full Self-Driving Beta (FSD Beta) software.
“The FSD Beta system may allow the vehicle to act unsafe around intersections, such as traveling straight through an intersection while in a turn-only lane, entering a stop sign-controlled intersection without coming to a complete stop, or proceeding into an intersection during a steady yellow traffic signal without due caution,” the NHTSA said in its official notice.
“In addition, the system may respond insufficiently to changes in posted speed limits or not adequately account for the driver’s adjustment of the vehicle’s speed to exceed posted speed limits.”
The company will issue an over-the-air software update free of cost. Notification letters are expected to be mailed to customers by mid April.
Tesla shares dropped 5.7 percent to US$ 202.04 by market close.
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Tesla (NASDAQ:TSLA) recalls more than 360,000 vehicles