Risk of Crashes: NHTSA Investigation Triggers Recall
The recall specifically affects Tesla’s 2023 Model S, Model X, and Model Y vehicles, all of which are equipped with the company’s cutting-edge full self-driving technology. Following multiple complaints received in December, Tesla detected the rearview camera malfunction, as outlined in the timeline provided by the NHTSA. The prioritization of consumer safety remains a top concern for both the automaker and the regulatory body.
Software Fix: Over-the-Air Update Deployed by Tesla
Tesla has promptly taken action to address the issue by releasing a free over-the-air software update that resolves the rearview camera problem. Owners of the affected vehicles will receive separate notification letters from the company, with expected mail dates set for March 22. This proactive approach highlights Tesla’s commitment to resolving any potential safety concerns efficiently and effectively.
It is worth noting that this is not the first time Tesla has faced recalls related to software. In fact, just last December, the company recalled roughly 2 million vehicles due to various software-related issues. Appropriate measures and swift action taken by Tesla demonstrate their dedication to ensuring the continued safety and satisfaction of their customers.
Stock Price Volatility: Musk Fails to Address Investor Concerns
While Tesla strives to address product concerns, the stock price experienced a decline on Thursday. The share value was adversely affected after Tesla CEO Elon Musk failed to address worries voiced by investors. These concerns primarily revolved around price reductions and other business-related matters. To maintain sales volume, Tesla has repeatedly cut prices, leading to a 38 percent rise in deliveries. However, this strategy has not translated into substantial revenue growth.