Tesla Inc TSLA shares are slamming the brakes Thursday afternoon following reports the company’s Full Self-Driving software could cause crashes.
What To Know: Tesla has issued recalls for 362,758 vehicles equipped with the beta version of its Full Self-Driving software, according to a CNBC report citing a recall notice.
The National Highway Traffic Safety Administration (NHTSA) found that vehicles featuring the software present safety challenges in and around intersections.
Per the recall notice, the vehicles may drive through intersections while in turn-only lanes, proceed through intersections without coming to a complete stop at stop signs or unsafely enter intersections “without due caution” while traffic lights are flashing yellow.
The NHTSA noted the recall notice is also due to concerns that Tesla’s FSD beta system does not register speed limit changes fast enough.
The report indicates that the impacted vehicles include Model S and X vehicles manufactured from 2016 to 2023, Model 3’s from 2017 to 2023 and Model Y vehicles from 2020 to 2023 with the beta software installed.
Tesla plans to fix the problem by offering over-the-air software updates to the affected vehicles, per the recall notice. Shortly after the news circled, CEO Elon Musk took to Twitter to emphasize this point.
“The word ‘recall’ for an over-the-air software update is anachronistic and just flat wrong!” Musk said via tweet.
See Also: Elon Musk, The Landlord? Tesla CEO Might Be Bringing Houses To Employees With This Company
TSLA Price Action: Tesla has a 52-week high of $384.29 and a 52-week low of $101.81.
The stock was trading slightly higher in early trading before falling sharply on the recall news. It was last down 1.48% at $211.07, according to Benzinga Pro.
Photo: courtesy of Tesla.