Market experts have suggested Musk's new position at Twitter may also have played a role in the share price drop.
The move, sparked by fears over a loss of power steering assist on some models, may affect the company's share price—which has already been hit as a result of Musk's new job asThe recall relates to the 2017 to 2021 Model S and Model X vehicles, according to news agency Reuters, amid concerns that drivers may experience a loss of power steering assist when driving on rough roads or after hitting a pothole.
Tesla boss Elon Musk views the new Tesla Model Y at its unveiling in Hawthorne, California on March 14, 2019.The Texas-based electric vehicle manufacturer has released an over-the-air software update to recalibrate the system after it began rolling out an update on October 11, the agency added. The National Highway Traffic Safety Administration said a loss of power steering assist can require greater steering effort, especially at low speeds, increasing the crash risks.The automaker said that as of November 1 more than 97 percent of the recalled vehicles have installed the update that has already addressed the recall issue.on Monday, plunging just over five percent to $197.08.
MarketWatch published a report earlier that day noting that shares of Tesla Inc. were heading towards a drop below $200, which would be the first sub-$200 mark in 17 months. The article noted that investors may be demonstrating concern that Musk would be distracted as a result of his new role at Twitter.
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