ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Tesla recalls 1.1M cars in China over safety concerns

Tesla is slated to issue a recall on over a million cars in the People's Republic of China, according to regulators.

Electric car company Tesla is recalling over 1 million vehicles in China due to safety concerns, Chinese regulators say.

Tesla will be taking back approximately 1,104,622 vehicles to address alleged widespread safety risks. The recall process is slated to begin on May 29.

The recall affects vehicles produced between Jan. 12, 2019, and Apr. 24, 2023.

TRANSPORTATION SECRETARY PETE BUTTIGIEG SAYS TESLA SHOULDN'T CALL ITS DRIVING SYSTEM 'AUTOPILOT'

China's State Administration for Market Regulation said in a statement Friday that Tesla vehicles have experienced issues that increase the likelihood of drivers mistakenly accelerating and risking collision.

Tesla products included in the recall are the Model S, Model X, Model 3 and Model 6.

CALIFORNIA POLICE DEPARTMENT TRANSITIONING TO ALL ELECTRIC FLEET WITH PURCHASE OF TESLA MODELS

The company plans to utilize several methods to correct the issues, including its "over-the-air" upgrade system, which can remotely update the cars' software.

Tesla has sought to expand vehicle production through the construction of new facilities both domestically and abroad — including factories in China.

Tesla operates a factory in Shanghai that is capable of producing 22,000 units of automobiles weekly.

ELON MUSK, GREG ABBOTT CELEBRATE GROUNDBREAKING OF TESLA'S NEW TEXAS FACILITY

While the company planned to expand the factory's annual capacity to 450,000 units last May, demand for electric vehicles has decreased in the time since.

The sales growth of electric vehicles in China slowed to 20.8% in the first months of 2023 – a sharp drop from 150% in the same period in 2022, despite the country having the world's largest auto market.

Tesla celebrated the groundbreaking of a new lithium refinery in Texas on Monday that the electric vehicle maker hopes will give the company more control over its supply chain.

Tesla CEO Elon Musk said the facility, which will be one of the largest of its kind in the world, will produce lithium for "about a million vehicles" and have more lithium refining capacity than "the rest of North American refining capacity combined." 

FOX Business reached out to Tesla for comment but did not receive a response.

FOX Business' Eric Revell contributed to this report.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.