EV major Tesla (NASDAQ:TSLA) will recall nearly 200,000 Model S, X, and Y vehicles in the U.S., the National Highway Traffic Safety Administration (NHTSA) stated on Friday. The company is recalling these vehicles due to a software malfunction that could hamper drivers’ visibility while driving in reverse, increasing the chances of a crash.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
The move follows a U.S. vehicle recall for Autopilot system upgrades that Tesla did almost two months ago. The vehicle recall for the software malfunction will be for Tesla’s 2023 vehicles, and the company will release a free, over-the-air (OTA) software update to resolve the issue. Tesla had identified 81 warranty claims regarding the rearview condition as of January 22.
Is TSLA a Buy?
Analysts remained sidelined about TSLA stock with a Hold consensus rating based on 11 Buys, 14 Holds, and six Sells. Over the past year, TSLA stock has gone up by more than 10%, and the average TSLA price target of $223.48 implies an upside potential of 21.2% at current levels.
