March 8, 2023

Tesla Stock Is Down. Steering Wheels Are Not the Reason.

Safety matters a great deal in the automotive market. Safety recalls and investigations, paradoxically, don’t matter as much.

Investors might not be able to tell that by looking at stocks.

Tesla

(ticker: TSLA) shares were down 3.7% in midday trading Wednesday, the same day the National Highway Traffic Safety Administration opened an investigation into steering wheels that could detach. The

S&P 500

was down 0.2% and the

Nasdaq Composite

was flat.

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