Owner notification letters are expected to be mailed by April 15, 2023. Tesla will release an over-the-air (OTA) software update for the problem free of charge. The software may also fail to recognize changes in posted speed limits, and fail to slow the vehicle down when entering a slower-traffic area. Vehicles may potentially travel directly through an intersection while in a turn-only lane, enter a stop-sign-controlled intersection without coming to a complete stop, or proceed into an intersection during a steady yellow traffic signal without due caution, according to NHTSA documents. Tesla Recalls Model S, X over Power Steering Lossįilings with NHTSA show that vehicles using the FSD Beta may act in an unsafe manner, with particular concern over intersections.54,000 Teslas Recalled For “Rolling Stop” Feature.On Thursday, Musk said that the “radical interest rate changes” have increased the prices of all cars, new and used, and that Tesla potentially could lower pricing to sustain volume growth, which would result in lower profit. A Tesla factory in Shanghai recently suspended operations amid a covid outbreak VCG via Getty Images He’s also hinted the company won’t meet it’s production goals for the year. Musk also has had to suspend operations at Tesla’s Shanghai plant as COVID cases surge. Musk assured listeners he wouldn’t sell more stock but investors are aware he’s made similar promises before and hasn’t followed through. “I needed to sell some stock to make sure, like, there’s powder dry … to account for a worst case scenario,” Musk said in a Twitter spaces conversation. Musk has sold almost $40 billion in Tesla shares this year in part to pay for his $44 billion takeover of the social media site. “At the same time that Tesla is cutting prices and inventory is starting to build globally in face of a likely global recession, Musk is viewed as “asleep at the wheel” from a leadership perspective for Tesla at the time investors need a CEO to navigate this Category 5 storm,” Ives said. In recent days, analysts from Oppenheimer, Daiwa Capital Markets and Evercore ISI have all slashed their Tesla price targets. The massive decline in Tesla shares come as Musk appears increasingly distracted by his acquisition of Twitter. Tesla, which no longer has a media relations department, could not be reached for comment. The prices of used Teslas are plummeting. Tesla shares fell 7.3% to a more than two-year low of $114.12 in early trading on Tuesday. Last week, Tesla doubled a new-car price discount to $7,500 for Model Ys and Model 3s delivered this year - adding to investor jitters about softening demand. “The reality is that after a Cinderella story demand environment since 2018 Tesla is facing some serious macro and company specific EV competitive headwinds into 2023 that are starting to emerge both in the US and China,” Dan Ives, managing director of Wedbush Securities, said Tuesday. With fuel prices easing, interest rates rising and EV competition growing, Tesla prices are falling faster than the market, and creating a cascading effect on prices of new Teslas. Elon Musk has vowed to leave Twitter as CEO. Used Teslas are staying on the lot longer than other used cars - 50 days compared with the 38-day average for most other makes - before being sold, said. “That would reduce demand for new Teslas.” “You can’t sell your current Tesla for more money than you paid for it, which was true for a lot of the past two years,” said Karl Brauer, executive analyst at car sales website. That compares with about 5% of other brands on the used market, according to research firm Edmunds. Nearly a third of used Teslas for sale in August were 2022 models up for resale, a sign that original buyers were aiming to flip, analysts said. That’s a far cry from Tesla’s revved-up sales during the pandemic, when demand led buyers to pay more for a used EV rather than wait for months on the waitlist for a new one. During that same period, the overall price of used cars dropped just 4%. The price of a used Tesla has plunged 17% in the past five months - from a peak of $67,297 in July to $55,754 in November, according to a Reuters report. The days of paying a premium for a used Tesla are seemingly in the rear-view mirror as demand for the pioneering electric vehicle plummets. Tesla workers seek to form union at Buffalo plant Tesla workers in Buffalo say they were fired ‘in retaliation’ for union driveĮlon Musk’s Tesla to open EV charging stations to other electronic vehicles Tesla recalling 363K cars with self-driving beta software due to ‘crash risk’
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