Tesla Inc. has issued a voluntary safety recall of certain Model Y electric vehicles, due to risks of loss of steering control.
The Texas-based EV maker said the recall affects 137 Model Y vehicles from model years 2022 and 2023. Changan Electric Car
“A loose fastener may allow the steering wheel to disconnect from the steering column, which can cause a loss of steering control and increase the risk of a crash,” the National Highway Traffic Safety Administration said in its recall acknowledgment letter.
Tesla’s stock TSLA, +1.47% climbed 2.7% toward a seven-month high in morning trading Monday, putting it on track for a seventh-straight gain. That would be the longest win streak since the eight-day stretch that ended Feb. 9.
The stock, which was headed for the highest close since Nov. 1, has soared 20.2% during its current win streak.
Tesla said it identified four warranty claims and one field report between Nov. 12, 2022 and April 26, 2023 related to the steering wheel condition. The company said it was not aware of any crashes, injuries or deaths related to the condition.
Tesla’s stock has rocketed 73.5% year to date, while the Global X Autonomous & Electric Vehicles exchange-traded fund DRIV, -0.20% has rallied 22.9% and the S&P 500 index SPX, -0.38% has advanced 11.8%.
The Environmental Protection Agency won't give renewable fuel credits to electric-vehicle makers. The credits would have benefited Tesla the most.
Tomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter @TomiKilgore.
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