Tesla to recall 53000 cars over parking brake issue

Tesla to recall 53000 cars over parking brake issue

It is not without rhyme or reason that investors are flocking to Tesla. The pre-orders of the Model 3 are hitting the road and the recently announced Tesla semi-truck set is set to unveil in the fall. Tesla has denied rumors it plans to start producing cars locally, leaving the field clear for other companies.

This "voluntary" recall involves model S and SUV Model X sedans produced between February and October 2016, reads in an e-mail addressed to the affected customers and which AFP has obtained a copy. The brakes contain a small gear that, if fractured, could prevent the brake from releasing, and thus the vehicle from being able to move.

The remedy? The company has promised to replace the brakes in all affected vehicles.

Tesla estimates that only 5 percent of the cars it is recalling will be affected and that the replacement will take about 45 minutes.

Tesla said the issue has not caused any injury and owners are safe to continue using their vehicles. The feature, which is costing customers $5000, is "essentially unusable and demonstrably risky", the complaint said. Repairs can begin immediately, Tesla said.

Tesla is expected to price the Model 3 somewhere around 35,000 United States dollars after it arrives in the showroom sometime next year.

US Federal Prosecutors Charge Israeli Man With JCC Bomb Threats
Michael Ron David Kadar was charged by federal authorities in Florida and Georgia on Friday, a month after his arrest in Israel. Four Tampa-area locations were named as places Kadar is accused of calling, according to a list contained in the complaint.

Earlier this week chief executive Elon Musk said Tesla would unveil an electric articulated lorry in September.

In the law suit being filed by a consumer, it was alleged that the electric vehicle makers sold vehicles that has faulty functions of semi-autonomous driving system.

He pegs the total addressable market in the USA very high and said that even if Tesla only gets 10% of the new truck market in the country, it could rake in $2.5 billion in revenue in a year. The stock now shows its YTD (Year to Date) performance of 40.51 percent while its Weekly performance value is -3.89%. Some are already reaching 265 miles on a single charge.

In addition, a Tesla freight truck would allow the company to branch out from passenger cars, and commercial trucks appear to be a good segment, said the analysts.

Pacific Crest cut shares of Tesla Inc (NASDAQ:TSLA) to a hold rating in a report published on Wednesday. According to their observations and findings, the stock could provide a high EPS of $0.54/share and a Low EPS of $-1.6/share.

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