Electric vehicle giant Tesla (TSLA) does not issue a lot of recall notices, mostly because Tesla recalls can often be addressed by software updates. And that is good news, of a sort, as Tesla put out a list of over 218,000 Tesla vehicles that came under this new recall. The news left Tesla stockholders with little to worry about, and shares gained over 2% in Thursday afternoon’s trading.
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Trade TSLA with leverageThe new recall features 218,868 cars in the Model 3, Model Y, Model S and Model X lines, with some issues going as far back as Model 3 cars made in 2017. The bulk of impacted vehicles, though, were made after 2020.
The issue that prompted the recall, meanwhile, was an issue in the rear view camera, which presented images on a delay. That delay, meanwhile, might make someone think there is no car in sight when a car is in fact present, thus increasing the odds of a crash. Only Teslas with HW3 have this issue, and Tesla noted there have been no reports of crashes, injuries, or fatalities since. Still, there have been 27 warranty claims involved, and most of the vehicles affected by this simply need to download “remedy firmware” to fix the issue. Over 99.92% of all affected vehicles have done so already, reports note.
Roadster Coming?
Meanwhile, Tesla has also filed a new trademark on its Roadster line, which suggests that the car may be coming sooner than we think. Tesla also filed applications on a new Roadster badge, which gives that much more credence to the idea that it is finally coming soon.
The Roadster has been delayed for quite some time now, to the point where many who had put deposits down demanded them back. But since the trademark filings came with “intent to use” status, which requires demonstrated commercial use within a defined period of about three years, that suggests that “coming soon” this time really means exactly that.
Is Tesla a Buy, Hold or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on TSLA stock based on 13 Buys, 12 Holds, and five Sells assigned in the past three months, as indicated by the graphic below. After a 39.99% rally in its share price over the past year, the average TSLA price target of $410.21 per share implies 0.74% upside potential.
