Tesla (TSLA) Recalls Its Entire Model S Fleet

Shares of Tesla Motors, Inc. (TSLA) have fallen nearly 3% in mid-day trading Friday on news of the electric car maker recalling approximately 90,000 Model S sedans that are currently on the road worldwide. Tesla is recalling its entire fleet of Model S sedans to check for a possible defect in the front seat belt assemblies. The company downplayed the recall saying the cost will be “immaterial.”

The recall is Tesla’s largest ever.

Currently, more than 2 million TSLA shares have changed hands, compared to the average volume of 4.35 million.

Shares in the $28.30 billion market cap company are down 10.47% year-over-year and off about 22.62% from their July 20, 2015/$286.65, 52-week high.

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