Tesla (NASDAQ: TSLA) stock jumped in early Wednesday trading, despite reports of the EV giant recalling over 23,000 Cybertrucks.
Tesla Inc. is recalling 23,071 Cybertruck electric pickup trucks due to safety concerns related to windshield wiper and trunk bed trim issues, as announced by the U.S. National Highway Traffic Safety Administration (NHTSA).
The first recall affected 11,688 Cybertrucks due to a potential failure in the front windshield wiper motor controller, which could impair visibility and increase the risk of a crash. Separately, Tesla recalled another 11,383 Cybertrucks because of improperly attached trunk bed trim, which may become loose and pose a road hazard to other motorists.
This news follows a recall in April, where Tesla addressed an issue with an accelerator pedal pad in nearly 4,000 Cybertrucks.
These recalls represent significant setbacks for Tesla’s recently launched electric pickup vehicle, scheduled to enter mass production next year. Tesla has not disclosed the exact number of Cybertrucks delivered to consumers in its quarterly reports.
In November 2023, Tesla started delivering The Blade Runner-inspired Cybertruck after encountering several years of delays and production challenges. CEO Elon Musk referred to this period as Tesla digging its own “grave.”
In a letter regarding the latest recalls, NHTSA stated,
“Excessive electrical current can cause the front windshield wiper motor controller to fail.”
Tesla’s service team will replace the wiper motor and apply necessary fixes to the trim at no cost to affected vehicle owners.
According to a report from recall management firm BizzyCar, Tesla has issued three recalls in the first quarter of this year, affecting approximately 2.4 million vehicles.
Tesla (NASDAQ: TSLA) Stock Price Action
As of 10:08 a.m. (Eastern Time) Wednesday, TSLA stock traded at $191.95, marking a 2.46% increase compared to the previous trading session.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
