Electric vehicle (EV) maker Tesla (NASDAQ:TSLA) is recalling 67,698 imported Model S and Model X autos in China, produced between Sept. 25, 2013, and Nov. 21, 2020. These EVs have faulty software that affects the battery management system. Tesla will upgrade the software free of cost for these autos.
Also, Tesla is recalling 2,736 imported Model 3 vehicles produced between Jan. 12, 2019, and Nov. 22, 2019, as well as 10,127 of the China-made versions of the Model 3 cars. These vehicles are facing an issue with their seatbelts.
This is the second time that Tesla has recalled EVs in China, the earlier recall was in April. China is undoubtedly one of Tesla’s major markets, and investors worry that the recall will hurt its China growth story. Last week, Tesla recalled 30,000 EVs in the U.S. owing to issues with airbag deployment.
Is Tesla a Good Stock to Buy?
On TipRanks, Tesla stock has a Moderate Buy consensus rating. This is based on 19 Buys, eight Holds, and two Sell ratings. Also, the average Tesla price forecast of $310.27 implies 69.3% upside potential to current levels. Meanwhile, TSLA stock has lost 54.2% so far this year.