Tesla recalls some Model Y EVs, stock rises toward 7-day win streak

Posted By: ndeeney

Tesla Inc. has issued a voluntary safety recall of certain Model Y electric vehicles, due to risks of loss of steering control.

The Texas-based EV maker said the recall affects 137 Model Y vehicles from model years 2022 and 2023.

“A loose fastener may allow the steering wheel to disconnect from the steering column, which can cause a loss of steering control and increase the risk of a crash,” the National Highway Traffic Safety Administration said in its recall acknowledgment letter.

Tesla’s stock
TSLA,
+3.11%
rose 0.9% in premarket trading Monday, putting it on track for a seventh-straight gain. That would be the longest win streak since the eight-day stretch that ended Feb. 9.

The stock has run up 17.0% over the past six sessions to close Friday at the highest price since Feb. 15.

Tesla said it identified four warranty claims and one field report between Nov. 12, 2022 and April 26, 2023 related to the steering wheel condition. The company said it was not aware of any crashes, injuries or deaths related to the condition.

Tesla’s stock has soared 73.7% year to date through Friday, while the Global X Autonomous & Electric Vehicles exchange-traded fund
DRIV,
+2.52%
has rallied 23.0% and the S&P 500 index
SPX,
+1.45%
has advanced 11.5%.

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