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.
Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!