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Tesla Faces Recall of 1.6 Million Cars in China Over Software Issues

2024/01/05 22:08

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Tesla's shares dropped 0.6% in premarket trading after China's market regulator announced a recall of 1.6 million vehicles due to software problems.

Recall Details Unveiled

China Orders Recall of 1.6 Million Teslas

China's State Administration for Market Regulation (SAMR) mandates the recall of 1.6 million Tesla vehicles, including imported and domestic models, citing concerns with assisted driving features and door-locking systems.

Recall Scope and Process

Over 1.6 Million Vehicles Affected

Tesla is set to recall 1.61 million vehicles, both imported and domestic, produced between Aug. 26, 2014, and Dec. 20, 2023. An additional 7,538 units face recall due to door latch control issues. The SAMR emphasizes the use of remote over-the-air updates for software fixes.

Root Cause of Recall

Software Glitches Pose Safety Hazard

The recall is prompted by problems with assisted driving functions and door-locking systems. The SAMR states, "Automatic assisted steering function misuse increases collision risk, posing a safety hazard."

Impact on Tesla's Presence in China

Recall Puts Pressure on Market Share

This setback comes as Tesla strives to expand its market share in China, a crucial market for the company's global standing and home to one of its giga factories in Shanghai.

Recall Echoes Previous US Actions

Tesla Recalled 2 Million Cars in the US

Less than a month ago, Tesla recalled nearly 2 million cars in the US, restricting the use of its Autopilot feature. This move followed a safety probe into around 1,000 crashes involving the Autopilot function over two years.

Analysts Predict Challenges for Tesla in 2024

Tesla's Growth Faces Skepticism

Despite being part of the tech giants that fueled the market surge in 2023, Tesla may face challenges in 2024. Analysts express concerns about the company's profit margins, forecasting a substantial decline in delivery and revenue estimates for 2024 and 2025.

Financial Outlook and Wall Street's Stance

Caution Persists Among Analysts

Tesla's earnings are expected to rebound, but Wall Street remains cautious. Despite a projected revenue increase, analysts foresee a 6% dip in earnings per share for 2024 compared to 2022 figures.

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