Tesla to launch software update for 1.2M EVs in China, Bloomberg reports

Tesla (TSLA) is planning to launch a software update for roughly 1.2M cars in China, or around half its fleet in the country, to address power steering and rear-view camera issues, Bloomberg reports. The steering issue stems from a software problem that can cause the electronic power steering system to fail, the State Administration for Market Regulation said in a statement. Tesla will deploy an over-the-air software fix to 871,087 domestically produced Model 3 and Model Y vehicles to address the power steering failure, while, 335,716 cars — a mix of imported Model S and Model X electric vehicles and domestically produced Model 3 and Model Ys — will get an update for the camera malfunction.