Tesla Tumbles After Recalling Over 50,000 Vehicles; Faces "Demonstrably Dangerous" Autopilot Lawsuit

Tyler Durden's picture

Tesla just issued a voluntary recall for approximately 53,000 examples of the Model S hatchback and the Model crossover vehicles, sending the stock back down to $300...

As CNET reports, the problem lies with the electric parking brakes that help secure the vehicles when placed in Park. The parking brakes contain a small gear that might fracture, which would prevent the parking brake from releasing. Thus, a car that enters Park may not be able to move again. This has no bearing on the vehicles' regular brakes, and Tesla has received no reports of the parking brake system failing to hold a car in place.

Tesla estimates that about 2 percent of the vehicles recalled contain the improperly manufactured gear. It should be noted that the parking brake assembly is from a third-party supplier, as well.

The reaction has pushed Tesla back toward $300...

As a reminder, we have noted the so-called 'stealth' recall of various Teslas in the past.

And additionally, as Fortune reports, Tesla owners filed a class-action lawsuit against the automaker for allegedly mischaracterizing the capabilities of its Autopilot 2 feature to consumers.

The lawsuit, filed by law firm Hagens Berman on Wednesday in California’s Northern district court, said Tesla’s partial autopilot technology was advertised as safe and “stress-free,” but instead “is essentially unusable and demonstrably dangerous.”

 

“Unwittingly, buyers of the affected vehicles have become beta testers of half-baked software that renders Tesla vehicles dangerous if engaged,” the lawsuit says.

Tesla cars with the Autopilot 2 features were first sold in October 2016. The first generation of the system was first unveiled in 2014. The Autopilot 2, or Enhanced Autopilot, feature costs consumers $5,000.

“What consumers received were cars without standard safety enhancements featured by cars costing less than half the price of a new Tesla, and a purported ‘Enhanced Autopilot’ that operates in an erratic and dangerous manner,” Steve Berman, managing partner of Hagens Berman, said in a statement.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
InjectTheVenom's picture

.

>>>>    Tesla scheme    OR

>>>>    Ponzi scheme

froze25's picture

ahahaha, Take that Musk you weirdo, now get some more plastic surgery you freak!

jcaz's picture

Eh, just take it back to the "garage" you bought it from- Chad at the strip mall- he'll get right on it.... As soon as he googles what a "parking brake" is......

BaBaBouy's picture

CALM Down Tylers... Its 3rd party Brake problem...

Tesla issues voluntary recall for 53,000 cars due to a faulty gear in the parking brakes from 3rd-party supplier

Now:

Tesla Semi: analysts see Tesla leasing batteries for $0.25/miles in 300,000 electric trucks for $7.5 billion in revenue

https://electrek.co/2017/04/20/tesla-semi-leasing-batteries-electric-truck/

PLUS...

Tesla Gigafactory: Nevada Lt. Gov. wants Tesla’s battery factory to become a tourist attraction

PrayingMantis's picture

 

... "Tesla Tumbles After Recalling Over 50,000 Vehicles; Faces 'Demonstrably Dangerous' Autopilot Lawsuit" ...

... to improve it perhaps? ... because here's the cheaper competition >>>

... "Volkswagen to challenge Tesla with line of affordable electric cars"

https://www.rt.com/business/385247-volkswagen-affordable-electric-cars/

... and here >>> >>> view all the Chinese-made electric/crossover models >>> http://www.autonewschina.com/en/index.asp ...

 

jcaz's picture

Oooh, yeah, a tour of a battery plant- that's revenue you wanna bank on-  I bet Vegas is quaking in their boots, worrying about all the trade that will draw away.......

william114085's picture

had to sign in to thumb JCAZ up for the joke about the massive revenue generator the battery factory tour will be.  Good one.  

not dead yet's picture

Tesla is a religion so don't be surprised to see the faithful take the tour. Harley's are also a religion and every year thousands head to Milwaukee for Harley celebrations. Probably be good for the Reno casinos after the boring tour is over.

Snaffew's picture

sure in 2025...price it in!  It's only taken tsla 10 years to pump out 300k vehiccles...now the analysts are all over these mythical electric trucks and Panasonic's battery plant...errr-i mean tsla's?

Snaffew's picture

that should bring in about 100k a year in revs....add $50 to tsla share price for tourist attraction

not dead yet's picture

More pie in the sky BS from Tesla. Telsa trucks will just be an oddity for awhile not some smash success out of the gate. They are expecting a huge investment from an industry that has thin margins. All the commenters on that article are drooling all over themselves. The leasing bit was speculation by analysts not Tesla. But they all have the numbers worked out and it's fantastic, according to them and the true believers. Unless the truckers get huge incentives from the government the future for the trucks is uncertain. On the same page as this article was one about Denmark dropping all government incentives for electrics. Before they expired Tesla sales surged to 1,600. Afterwards they were near zero. So now they are going to reinstate the giveaways. As has been shown without the government giveaways electrics won't sell. Norway is one of the best countries for Tesla as every car has a 25% import tax placed on it except for Tesla. Don't know if it's just Tesla or all electrics. Wonder what the sales would be without that exemption.

Jim Sampson's picture

He'll announce a moped and it'll shoot through $350.

Snaffew's picture

i like it...Elon brings back the 70's

froze25's picture

Ahh the Moped, every 14 year olds dream vehicle. A bicycle with a motor on it.

FrankieGoesToHollywood's picture

They are fun to ride until someone sees you on it.  

(an oldie)

Deplorable Nationalist's picture

Good one. The old joke was "what do fat girls and mopeds have in common?"

TwelveOhOne's picture

I want to ride my bicycle; I want to ride my bike.

Fat bottomed girls.

So do I win a prize?  https://youtu.be/JVQ07afWXC4?t=29s

GUS100CORRINA's picture

Title: Tesla Tumbles After Recalling Over 50,000 Vehicles; Faces "Demonstrably Dangerous" Autopilot Lawsuit

My response: I was expecting this "TEFLON" STOCK to GO UP on the NEWS. Tesla must have better quality than GM and FORD because the market cap is BIGGER!!

ROFL!!!!!! Goldman Sachs PRICE TARGET with STRONG SELL RATING ==. 185!!!!!!!!

THIS STOCK IS ONE GIGANTIC PONZI SCHEME RIGHT BEFORE OUR EYES!!

2_legs_bahhhhhd's picture

Never yell FIRE in a tesla plant...not funny.

Mr Musk, paging Mr Musk to the courtesy phone, you have a margin call from the American taxpayer.

When tesla crashes, it literally crashes....lool

Verniercaliper's picture

No big deal. Standard automaker stuff.

jcaz's picture

Umm, kinda a big deal when you're not a standard automaker.

Tesla has 6 (SIX) service centers in Florida.

Yeah, I don't see a problem with that at all, it's gonna be great.......

not dead yet's picture

They are also putting up more service centers acording to Musk. They are also going to open dealerships too. Joe sixpack wants it now, with a selection, has a trade in, and needs instant financing so dealerships are a must for the 3 and Tesla knows this. So much for the true believers claiming Tesla will break the dealer system. Then there's the other true believers who think Tesla's run forever and will never need maintainence. Not.

SloMoe's picture

What does this have to do with Mars?

DavidC's picture

Fair enough but it's not even down to the level of two days ago.

DavidC

Osmium's picture

Tumbles?  Looks like it's just filling a gap to me.  But what do I know.

Consuelo's picture

 

 

It's a bad day for my ill-fitting 'shorts'...

wisehiney's picture

Where is  Jim Dandy when you need him?

JB Say's picture

Good buy opportunity

ChemtrailPilot's picture

Beautiful day to be short

HelloSpencer's picture

Congrats, you just made 1%. What a trader you are.

jcaz's picture

My 100 $305 puts went from a buck to $5, sold at $4- I'll buy more at the close when the truly mindless decide that this is a "buying opportunity" and pump it higher;

Good job on holding onto your 12 shares of Tesla in your IRA for the past year-  you did really well,  go buy yourself something pretty......

Yen Cross's picture

  lol. I guess Tesla is going to have to remove these (2) claims from its Brochures.

 

silverer's picture

He can keep the 5 star rating, that's for crashes. But I'll go with "semi-autopilot hardware". Acts more like a back seat driver, lol.

Bill of Rights's picture

Ill take my 2016 Hell Cat any day....

Consuelo's picture

 

 

Is that thing just plain Tits or what...?

Bill of Rights's picture

Yes but that will be more of a collectors item for sure a lot of the amenities have been stripped out to make the car lighter..IE Two speaker stereo system and so on. None the less ....bad ass.

inhibi's picture

I like everything but the shitty Dodge interior and suspension system. Looks and feels like a $20K car and does horribly on turns. Took one out on the track and was not impressed at all. Heavy, poor turn control, less than good feedback.

And for that price ($63K starting) Ill take an new M3 or lightly used M4.

The only thing muscle about muscle cars is the name.

rpboxster's picture

"Tumbles"  .9%....okay

silverer's picture

A great opportunity to buy more shares.

Falling Down's picture

Just wait until that solar panel fiasco in Buffalo goes bust.

not dead yet's picture

I assume your talking about the solar panel plant the state of New York built and gave to Musk for free for Solar City to mfg panels. Not going to happen. Musk announced the plant will now be used for Panasonic and Tesla to make batteries.

directaction's picture

In ten years people will ask, "Whats a 'Tesla'"

TalkToLind's picture

TTTF - Too Trendy To Fail.

Satan's picture

" Hurry up KITT, I need you buddy"

"Fuck off Michael"

cougar_w's picture

My new favorite tool on the interwebs "FuckOff-as-a-Service":

https://www.foaas.com/back/Michael/Kitt

Be warned, this thing will devour your entire day.