Shares of EV major, Tesla (NASDAQ: TSLA), were on an upswing at the time of publishing on Monday after the company announced a voluntary safety recall of certain Model Y electric vehicles, likely affecting 137 cars from model years 2022 and 2023. The recall is due to the risk of loss of steering control.
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The National Highway Traffic Safety Administration stated in a letter acknowledging the recall, “A loose fastener may allow the steering wheel to disconnect from the steering column, which can cause a loss of steering control and increase the risk of a crash.”
Meanwhile, Tesla’s EV sales in China went up month-over-month by 2.4% in May to 77,695 vehicles, according to data from China Passenger Car Association (CPCA). On a year-over-year basis, Tesla’s sales soared by 142% in May.
Analysts are cautiously optimistic about TSLA stock with a Moderate Buy consensus rating based on 14 Buys, 11 Holds, and four Sells.
