Tesla Inc. is voluntarily recalling nearly 55,500 Model X electric vehicles made in the past two years, as the vehicles’ controllers may fail to detect low brake fluid and not display a warning light.
“Without a warning light, the vehicle may be driven with low brake fluid, which can reduce braking performance and increase the risk of a crash,” according to a letter from the National Highway Traffic Safety Administration.
Tesla said that as of Oct. 10, it was not aware of any crashes, injuries or deaths that may be related to the condition.
The EV giant’s stock
TSLA,
dropped 0.8% toward a near five-month low in premarket trading. The stock has tumbled 16.8% amid a three-day losing streak through Friday, the worst three-day performance of 2023, in the wake of a disappointing earnings report.
Read: Tesla’s broken ‘triangle’ warns of more stock-selling pressure.
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Tesla said the recall affects 54,676 Model X vehicles made between 2021 and 2023.
The company said no service visit was necessary, as it has released an over-the-air software update to correct the condition. Owners need to install OTA software release 2023.32.7 or a later software release.
Separately, Tesla disclosed in its latest quarterly filing that it was targeting capital expenditures of $7 billion to $9 billion this year, and in each of the next two years.
Tesla’s stock has sunk 18.5% over the past three months through Friday but has still rallied 72.1% year to date. In comparison, the S&P 500
SPX
has lost 6.9% in the past three months and gained 10.0% this year.
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