Tesla announces recall of over 1.104 million foreign and China-made vehicles

According to China’s State Administration for Market Regulation, Tesla Inc will recall as many as 1,104,622 vehicles, both produced in China and imported from abroad.

The Chinese market regulator said that the recall would cover imported Model S, Model X, Model 3 along with China-made Model 3 and Model Y.

The recall, which will take effect on May 29th, was filed by the US electric vehicle manufacturer in accordance with China’s management rules for deficient vehicle recall, the regulator said.

The shares of Tesla Inc (TSLA) closed 2.10% ($3.54) higher at $172.08 on Nasdaq on Thursday, as it snapped a two-day streak of losses.

The electric vehicle maker’s total market cap now stands at $545.408 billion.

The shares of Tesla Inc went down 65.03% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).

The auto maker’s shares have risen 39.70% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 15 out of 30 surveyed investment analysts had rated Tesla Inc’s stock as “Buy”, while 11 – as “Hold”. The median price target on the stock stands at $203.64. The latter implies an 18.34% upside compared to yesterday’s closing price of $172.08.