Tesla Recalls Thousands of Vehicles Over Power Steering Issue

Tesla Issues Recall for Model X Steering Issue

At Tuesday's closing price of $767.29 per share, the offering is valued at $2.03 billion. In fact, in mid-afternoon trading the stock is up 5%, or $38.75 to $806.04.

Musk presented the first batch of made-in-China cars to consumers last month in a milestone for the company's new Shanghai "giga-factory" but which came as sales decelerated in the world's largest electric-vehicle market.

Tesla's share price hit the brakes Thursday after the electric auto maker said it plans to sell about $2 billion in additional stock.

Tesla will be launching plenty of new products, including the Model Y SUV, its big Semi, and the Cybertruck shown here, all of which cost money.

As part of a pay package approved by shareholders in 2018, the Tesla CEO stands to get options to buy 1.7 million shares of Tesla shares once the company has achieved a $100 billion market value over a period of six months, as well as hitting certain financial performance targets it has already achieved. The Shanghai factory started delivering cars last month. Additionally, the company is in the process of building a new Gigafactory in Germany, outside of Berlin.

Increasing battery production tops Musk's "must-do" list, he mentioned during the aforementioned call.

Pence: "We'll see" if UK's Huawei decision threatens trade deal
The French government has confirmed that it'll make an objective decision in picking the right company for a 5G deal. The equipment has been deployed at the periphery, separated from the "core" where data is processed.

"Despite this comment, we believe this is the correct thing for TSLA to do taking advantage of the recent surge in the stock price".

The electric vehicle maker said it plans to use the proceeds from the offering to strengthen its balance sheet and for general corporate purposes. The stock had more than tripled since the company released the first of two straight positive earnings reports in October.

Specifically, the agency says aluminum bolts that attach the electric power steering gear assist motor to the gear housing may corrode and break causing a reduction or complete loss of power steering assist and affects some models built in 2016. The current iteration can travel about 250 miles on a single charge.

While there are no known crashes or injuries directly linked to the issues NHTSA said there are no known crashes or injuries associated with the issue, Tesla will arrange for the replacement of the mounting bolts and will also replace the steering gear if needed, according to Transport Canada - a Canadian regulatory agency responsible for monitoring road safety.

CFRA analyst Garrett Nelson said coronavirus-related delays in China vehicle deliveries and a Model X recall likely played a role in Tesla's decision to raise capital.

Related News:

Most liked

The latest on protests across Canada in support of anti-pipeline demonstrators
Meanwhile, two hereditary chiefs from the Wet'suwet'en First Nation have launched a constitutional challenge of fossil-fuel projects.

US announces week-long partial truce with Taliban
However, the secretary also stressed that the approach to the peace process would be conditions-based and continually reevaluated. However, they turned into an insurgent force and continued deadly attacks, destabilising subsequent Afghan governments.

CDC confirms 15th coronavirus case in U.S.
She said CDC is working closely with states, and will deliver new ingredients to laboratories that have encountered the problem. The three patients who remain under the university's care are said to be doing well; others have been returned to quarantine.

Government Told It Can't Deport Aboriginal Australians, In Landmark Court Ruling
Aboriginal people can not be deported from Australia because they are exempt from immigration laws, the High Court has decided. Australia has never reached a treaty with its indigenous peoples, which many argue this would bring important recognition.

Red Bull reveal their 2020 vehicle with revolutionary new nose
Alongside him will be Alex Albon , who impressed with his consistency during a nine-race stint with the team in the second half of previous year .

Pediatric flu death confirmed in W.Va.
A Virginia teen has died from flu complications, the state's first pediatric flu death of 2019-20 flu season. Ralph Sampson on Team of Destiny: "Jerry and Chris have lived and seen it all, even before my time".

Prince Harry & Meghan Markle Visit University Following Royal Exit
Harry and Meghan will still be expected to make appearances at royal engagements when The Queen invites them. This will be the first time that Harry and Meghan will be headed to the United Kingdom since January.

Storm Dennis warning upgraded to amber
Scattered showers continuing overnight on Sunday with some turning to sleet or possibly snow in the north and northwest. For most of Saturday, warnings of wind and rain are in place across Wales, southern Scotland and the whole of England.

U.S., Taliban close to reduction in violence agreement
The latest attack comes as USA and Taliban negotiators wrangle over a possible peace deal to end the almost two-decade war. President Ashraf Ghani called the bombing "a crime against humanity" while repeating his call for a nationwide ceasefire.

To All the Boys 2: Jordan Fisher Talks John Ambrose's Ending
However, Lara Jean's face quickly fills with the realization that she wants to be with Peter when John leans in for another kiss. And while other actors she chemistry read with tended to mimic Centineo's performance as the cocksure Peter, Fisher did not.

Mobile World Congress Canceled After Coronavirus Scares Off Major Companies
"The GSMA likely felt like it had no choice but to close the show after its own member companies pulled out of the event". The Mobile World Congress (MWC ) is the world's largest phone show which takes place annually.

United States announces 15th virus case, this one in Texas evacuee
The Southern Nevada Health District confirmed this on Wednesday and said it is looking into the possible 'performance issues. The Maine CDC in a Monday press release said it was "made aware of the individual through protocols established by the U.S.

Turkey Deploys Special Forces to Syria's Idlib
Idlib has been a stronghold of the opposition and anti-government armed groups since the outbreak of the Syrian civil war in 2011.

Trevor Noah, Stephen Colbert Try To Find The Funny In Roger Stone
As a result, all four prosecutors on the case resigned and Attorney General William Barr assumed direct control over Stone's case. Now, Stone has been recommended for a prison sentence of 7-9 years by prosecutors in the case.

Solar Orbiter Launch From Cape Canaveral
While the Parker Probe is smaller, it's able to go closer to the Sun, but it doesn't have cameras to capture what it sees. And while space weather is vexing to Earth, it could be deadly in solar systems that surround smaller, more active stars.