Tesla Recalls Over 40,000 Vehicles Over Steering Issues

The Tesla company, owned by the now Twitter CEO, Elon Musk, is recalling over 40,000 vehicles over steering issues.

According to the filing, the Model S and Model X vehicles could lose electronic power assist steering when hitting potholes or rough road sections.

However, the Tesla boss, Elon Musk, has taken offence with using the term “recall.” In his opinion, the term is outdated as the Tesla steering issues can be fixed with a software update.

This is indeed the 17th recall since the beginning of the year. Tesla’s recall campaigns have involved 3.4 million vehicles this year alone.

This is also coming as Musk sells nearly $4 billion worth of Tesla shares. According to documents filed with the US Securities and Exchange Commission, the Tesla CEO has sold 19.5 million shares since the beginning of November 2022.

Earlier this year, He sold $15.4 billion worth of Shares. The sales follow his takeover of Twitter. While it’s unclear where the proceeds from the Tesla shares sales are going, the assumption is that it will fund his Twitter purchase.

Tesla shares have lost 46 per cent of their value this year alone. The Tesla brand is also experiencing serious market competition as many automakers are beginning to make electric vehicles. 

Electric Cars Currently Competing With The Tesla Electric Cars

The time has gone when Tesla was dominating the electric car scene. Now, the EV brand has a lot of competing cars in its category. The interesting is that these cars are as good as the Tesla as well. These cars are looking to bring down Tesla’s dominance. Following Tesla’s shares decline, there’s even more likely that these cars will take over Tesla in no time. 

• Ford

Ford is currently Tesla’s biggest competitor in the EV market. The car brand is set to invest $22 billion until 2025 to continue pushing out electric vehicles. Since joining the electric car market, Ford has sold over 30,000 thousand EV cars. Here are some of the EV cars that Ford makes; 2022 Mustang MACH-E, 2022 Ford F-150 Lighting, 2023 Maverick, 2023 E-Transit™ Van, and many more EV cars.

• Mercedes

Mercedes, the German automaker, already has 5 different EV cars, and since its launch, the brand has sold over 30,000 thousand EVs. The Mercedes EV lineup includes fully electric vehicles, plug-in hybrid vehicles, and high-performance EQ+ variants.

• General Motors

Currently, General Motors has a total of 4 EV cars. Some of them include the GMC Hummer EV, Cadillac LYRIQ, and the Chevy Bolt EV. General Motors has sold over 175,000 EV cars.

Conclusion

In the third quarter of 2022 alone, Tesla sold over 200,000 thousand EV vehicles. Undoubtedly, the brand is still leading in the EV market. However, there’s a chance some of these other companies will be measuring up to Tesla in the not-so-distant future.