EV giant Tesla Inc (NASDAQ:TSLA) is recalling 239,382 vehicles in the U.S. over concerns of loss of rearview camera image, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
What Happened: The computer circuit board may short, resulting in loss of rearview camera image, the U.S. auto safety regulator said.
Tesla has released over-the-air software aimed at resolving the issue. The company will also identify vehicles that experienced a circuit board failure or are under stress that may lead to a circuit board failure and replace the affected computers at no cost to the customer, NHTSA said. The recall population includes 2024-25 Model 3 and Model S vehicles and 2023-25 Model X and Model Y.
The company told NHTSA that it is not aware of any collisions, injuries, or fatalities owing to the issue.
Why It Matters: Earlier this week, NHTSA opened a probe into 2.6 million Tesla vehicles equipped with the company's full self-driving driver assistance technology following a complaint alleging that the use of its "Actually Smart Summon" feature led to a crash.
Actually, Smart Summon refers to a feature that allows a user to remotely move the vehicle towards themselves or to another nearby location such as a parking lot through the company's phone app.
In 2024, Tesla issued 15 recalls, impacting over 5.13 million vehicles. However, a whopping majority of the recalls were fixed with over-the-air (OTA) software updates, and only a select few required vehicle owners to visit a service center to resolve an issue.
Price Action: Tesla shares closed up 0.15% on Thursday at $394.94. The stock is up 1.27% year-to-date, according to data from Benzinga Pro.
Tesla has a consensus “neutral” rating and a price target of $293.23 based on the ratings of 34 analysts tracked by Benzinga. The highest price target of $515 was issued by Mizuho on Dec. 17, 2024, and the lowest of $24.86 by GLJ Research on Jan. 3.
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