Shares of EV major, Tesla (NASDAQ: TSLA), were on an upswing at the time of publishing on Monday after the company announced a voluntary safety recall of certain Model Y electric vehicles, likely affecting 137 cars from model years 2022 and 2023. The recall is due to the risk of loss of steering control.
The National Highway Traffic Safety Administration stated in a letter acknowledging the recall, “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.”
Meanwhile, Tesla’s EV sales in China went up month-over-month by 2.4% in May to 77,695 vehicles, according to data from China Passenger Car Association (CPCA). On a year-over-year basis, Tesla’s sales soared by 142% in May.
Analysts are cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 14 Buys, 11 Holds, and four Sells.
