Tesla (TSLA) is recalling more than 27,000 of its Cybertrucks because of a rearview camera issue. Shares lost ground Thursday, extending Wednesday's decline after the electric vehicle maker's third-quarter deliveries failed to impress.
Tesla currently sources most of its EV batteries from other companies, but has been trying to ramp up production of its 4680 battery cells in the US to lower costs and boost margins.
Tesla plans to design four new versions of its in-house battery to power the Cybertruck, its forthcoming robotaxi and other electric vehicles, the Information reported on Thursday, citing people with knowledge of its plans.
One analyst sees the upcoming Robotaxi event as “the next potential catalyst” for Tesla's stock, while another senses some anxiety around it.
Tesla Inc (NASDAQ:TSLA) has announced a recall of more than 27,000 of its Cybertrucks over an issue with the vehicles' rear-view cameras. Most Cybertrucks in the US are affected, according to the electric vehicle giant, with the issue set to be solved through a software update.
Tesla recalled more than 27,000 Cybertrucks over a software issue that may prevent the rearview camera from displaying images, violating federal regulations and increasing the risk of a crash, according to a regulatory filing Thursday, the fifth notice issued for Tesla's new pickup truck this year.
The S&P 500 futures are down by five points, the Nasdaq 100 futures have dropped 34 points, and the Dow Jones Industrial Average futures are down 70 points. Investors are cautious ahead of the upcoming September Employment Situation report due on Friday.
Tesla is recalling 27,185 Cybertruck vehicles in the U.S. as a delayed rear view image reduces visibility behind the vehicle, the U.S. National Highway Traffic Safety Administration said on Thursday.
With deliveries out of the way, investor attention will turn to profit margins.
Tesla just quietly removed its most affordable Model 3 from the US lineup on its website. US tariffs on Chinese-made components might have pushed Tesla to discontinue the model.
Tesla Inc. (TSLA, Financial) reported its third-quarter deliveries, slightly surpassing expectations with 462,890 vehicles, compared to the analysts' average forecast of 462,000 tracked by FactSet. The majority of deliveries were dominated by the Model 3 and Model Y, which totaled 439,975 units.
To get the latest market news check out finance.yahoo.com US stocks drifted higher on Wednesday as escalating Israel-Iran tensions fanned worries about a wider Middle East conflict, prompting overall caution in the market. The S&P 500 (^GSPC), Dow Jones Industrial Average (^DJI), and Nasdaq Composite (^IXIC) all closed narrowly higher, with none of three rising more than 0.1%.