In China, Tesla recalls 80,000 vehicles.
According to a statement released by Chinese market regulators on Friday, Tesla (NASDAQ: TSLA) Has placed a recall on 80,000 Chinese-made and imported cars produced from as early as 2013, for software and seat belt issues.
The U.S.-based electric car maker has recalled 67,698 Model S and Model X cars imported to China between Sept. 25, 2013, and Nov. 21, 2020, due to software problems affecting the battery management system in the vehicles. Tesla has also recalled 2,736 imported Model 3 cars manufactured between January and November 2019, and 10,127 China-made ones of the same model produced between Oct. 14, 2019, and Sept. 26, 2022, due to potentially faulty seat belt installation.
In April, Tesla recalled a total of 127,785 units of Model 3 cars in China, citing potential faults in semiconductor components that might lead to collisions.
“Recalls are always costly and often get amplified in a way that can be reputationally damaging — especially true now as the market has become hyper-competitive and Tesla’s backlog has been shrinking,” Bill Russo, CEO at Shanghai-based Automobility, told CNBC.
Shares of TSLA are up 2.13% in pre-market trading on Friday.
TESLA TECHNICAL ANALYSIS:
In daily chart, Tesla is currently trading in down channel. Tesla is currently trading below 20 & 50 MA, except 5MA.
RSI is in oversold zone which indicates bullishness.
Its immediate support is 172.20 and resistance level is at 184.00
HOW TO TRADE IN THIS WEEK
TESLA will follow downtrend until their trend reversal. So, remain bearish on Tesla.