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Tesla Inc. stock turned lower Thursday after news that nearly 400,000 of its vehicles are being recalled as the EV maker’s self-driving software “may cause” crashes.
In a recall notice, federal regulators said Tesla’s
TSLA,
Full Self Driving beta software may increase the risk of crashes by allowing vehicles to “exceed speed limits or travel through intersections in an unlawful or unpredictable manner.”
The National Highway Traffic Safety Administration said that 362,758 Tesla vehicles are affected, and that Tesla will release an over-the-air software update to remedy the issue.
Tesla said in late January it had pushed FSD beta to “nearly all customers in the U.S. and Canada who bought FSD,” or about 400,000. It called it “an important milestone” for the company.
Tesla shares had shaken off weakness earlier in the week, gaining for two straight sessions and starting Thursday in the black.
The stock earlier this month notched an 8-day winning streak, leading one analyst to say it was “overextended.” Tesla stock is down about 30% in the last 12 months, compared with losses of around 8% for the S&P 500 index.
SPX,
Tesla investors await for the “Master Plan 3” to be unveiled on the March 1 investor day.
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