According to the State Administration for Market Regulation on January 5th, Tesla (Shanghai) Co., Ltd. and Tesla Motors (Beijing) Co., Ltd. recently filed a recall plan with the State Administration for Market Regulation in accordance with the requirements of the Regulations on the Management of Defective Automotive Product Recalls and the Implementation Measures of the Regulations on the Management of Defective Automotive Product Recalls.
1、 Starting from today, a total of 7538 imported Model S and Model X electric vehicles with production dates between October 26, 2022 and November 16, 2023 will be recalled.
The vehicles within the scope of this recall may experience a safety hazard due to door unlocking logic control issues. In the event of a collision, the non collision side door latch may detach from the latch, leaving the doors in a non locked state.
Tesla Motors (Beijing) Co., Ltd. will use OTA technology to provide free software upgrades for vehicles within the recall scope, to prevent door latch and latch detachment during vehicle collisions. Users do not need to go to the store to complete software upgrades. For vehicles that cannot be recalled through OTA technology, Tesla Motors (Beijing) Co., Ltd. will contact relevant users through Tesla Service Center to provide free software upgrades for the vehicles to eliminate safety hazards.
Emergency response measures: It is recommended that users drive the vehicle with caution before implementing the recall; Upgrade the vehicle software as soon as possible after receiving the recall software update notification.
2、 Starting from today, a total of 1610105 imported Model S, Model X, Model 3, and domestically produced Model 3 and Model Y electric vehicles with production dates between August 26, 2014 and December 20, 2023 will be recalled.
The vehicles within the scope of this recall may mistakenly use the Level 2 combined driving assistance function when the automatic steering assistance function is activated, increasing the risk of collision and posing a safety hazard. Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. will use OTA technology to promote newly developed features for vehicles within the recall scope, including adding additional automatic assisted steering control and related prompts, further encouraging drivers to fulfill their driving responsibilities and comply with driving regulations when using this function, in order to reduce the risk of collisions caused by misuse of the assisted steering function. This recall will be implemented in stages, and users do not need to go to the store to complete the software upgrade. For vehicles that cannot be recalled through OTA technology, Tesla (Shanghai) Co., Ltd. and Tesla Motors (Beijing) Co., Ltd. will contact relevant users through Tesla Service Center to provide free software upgrades for the vehicles.
Tesla (Shanghai) Co., Ltd. and Tesla Motors (Beijing) Co., Ltd. will notify relevant car owners through registered mail, text messages, and other means. Users can call Tesla's customer service hotline at 400-910-0707 for consultation through their mobile phone and landline. In addition, you can also visit the website www.dpac.org.cn and www.recall.org.cn to follow the WeChat official account (SAMRDPAC) for more information and reflect defect clues.
According to previous media reports, on December 13, 2023, the National Highway Traffic Safety Administration (NHTSA) website revealed that Tesla (TSLA) announced a recall of over 2.03 million vehicles, including the 2012-2023 Model S, 2016-2023 Model X, 2017-2023 Model 3, and 2020-2023 Model Y, due to insufficient autonomous driving control systems to prevent misoperation.
According to Tesla's official Weibo account, in the fourth quarter of 2023, Tesla produced approximately 495000 electric vehicles worldwide and delivered over 484000 vehicles. In 2023, Tesla's electric vehicle delivery volume increased by 38% year-on-year, reaching 1.81 million vehicles; The production volume increased by 35% year-on-year, reaching 1.85 million vehicles.
From January to September 2023, Tesla achieved a revenue of 522.4 billion yuan, a year-on-year increase of 25.31%; The net profit attributable to the parent company was 51.575 billion yuan, a year-on-year decrease of 20.30%. As of the close of the US stock market on January 5th Beijing time, Tesla (TSLA) stock price was $237.93, down 0.22%, with a market value of $756.36 billion.
According to a report by brokerage firm China on January 2nd, Wall Street bears suddenly fired a shot at Tesla, warning that its stock price could eventually plummet by 65%.
Long term bearish Roth Capital analyst Craig Irwin has set Tesla's target stock price at $85 per share, with a potential drop of over 65% compared to the latest close.
It is worth mentioning that in the just concluded year 2023, Tesla's stock price continued to rise, with a cumulative increase of nearly 130% throughout the year.
"I am bearish because I believe it has been severely overestimated," Irwin said in an interview. He compared the company to Toyota, which produces about 9 million cars annually. By comparison, Tesla only produced 1.37 million cars in 2022, why is its transaction price several times higher than Toyota?
Nevertheless, Irwin has maintained a "neutral" rating on Tesla's stock as the electric vehicle manufacturer still has some products to support its stock price.
One of the products is Tesla's potential launch of a new generation of electric vehicles. A source revealed that Tesla executives have met with Indian officials to discuss building a factory for this new generation of electric vehicles priced below $25000.
Irwin warned, "But I think this is a slow change for the next few years."
Tesla CEO Musk strongly countered the warning from Wall Street bears, stating that he had overlooked Tesla's potential in artificial intelligence and autonomous driving.
In the latest interview, the host shared Irwin's views, and Musk responded, "He got it wrong. We are an AI/robotics company."