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Tesla (TSLA) Under Investigation After Steering Wheel Comes Off
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Tesla’s (TSLA - Free Report) 2023 Model Y is under investigation after the National Highway Traffic Safety Administration ("NHTSA") received two complaints in which steering wheels got detached from the vehicle while people were driving.
The preliminary evaluation, started on Mar 4 by NHTSA, involves more than 120,000 vehicles.
According to NHTSA, when the vehicles were delivered to the owners, the retaining bolt that connects the steering wheel to the steering column was missing from both vehicles. In both cases, the incident occurred at low mileage. The agency said that it will assess “scope, frequency and manufacturing processes associated with this condition.” After the assessment, the agency will decide if the vehicles need to be recalled.
The incident came to surface when an owner, who received Tesla Y delivery on Jan 24, 2023, tweeted that the steering wheel came off while he was driving the car with his family in Woodbridge, NJ, on Jan 29. He said that he was lucky because there was no car behind him and therefore, he was able to pull the car to the divider.
In a separate tweet, the driver said that he has lost trust in Tesla. He later mentioned that Tesla apologized for the incident and shared a photo of a replacement Model Y received on Feb 23.
In February, thousands of Model Y were recalled by the EV manufacturer after it discovered that bolts in the back seats of the vehicles had not been secured correctly. There are other instances in which Tesla’s vehicles have been recalled, like the one in which more than 360,000 vehicles with Tesla’s Full Self-Driving software had been recalled over safety and traffic law-related concerns.
After the investigation, NHTSA can demand the vehicle’s recall.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #3 (Hold).
A few top-ranked players in the auto space are Volvo (VLVLY - Free Report) , Wabash National (WNC - Free Report) and Modine Manufacturing (MOD - Free Report) , all of which sport a Zacks Rank #1 (Strong Buy).
The Volvo Group is a manufacturer of trucks, buses, construction equipment, diesel engines and marine and industrial engines. The Zacks Consensus Estimate for VLVLY’s 2023 earnings imply year-over-year growth of 6.25%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimates for WNC’s 2023 sales and earnings imply year-over-year growth of 13.06% and 24%, respectively.
Modine operates primarily in a single industry consisting of the manufacture and sale of heat transfer equipment. The Zacks Consensus Estimates for MOD’s 2023 sales and earnings imply year-over-year growth of 11.43% and 43.09%, respectively.
Image: Shutterstock
Tesla (TSLA) Under Investigation After Steering Wheel Comes Off
Tesla’s (TSLA - Free Report) 2023 Model Y is under investigation after the National Highway Traffic Safety Administration ("NHTSA") received two complaints in which steering wheels got detached from the vehicle while people were driving.
The preliminary evaluation, started on Mar 4 by NHTSA, involves more than 120,000 vehicles.
According to NHTSA, when the vehicles were delivered to the owners, the retaining bolt that connects the steering wheel to the steering column was missing from both vehicles. In both cases, the incident occurred at low mileage. The agency said that it will assess “scope, frequency and manufacturing processes associated with this condition.” After the assessment, the agency will decide if the vehicles need to be recalled.
The incident came to surface when an owner, who received Tesla Y delivery on Jan 24, 2023, tweeted that the steering wheel came off while he was driving the car with his family in Woodbridge, NJ, on Jan 29. He said that he was lucky because there was no car behind him and therefore, he was able to pull the car to the divider.
In a separate tweet, the driver said that he has lost trust in Tesla. He later mentioned that Tesla apologized for the incident and shared a photo of a replacement Model Y received on Feb 23.
In February, thousands of Model Y were recalled by the EV manufacturer after it discovered that bolts in the back seats of the vehicles had not been secured correctly. There are other instances in which Tesla’s vehicles have been recalled, like the one in which more than 360,000 vehicles with Tesla’s Full Self-Driving software had been recalled over safety and traffic law-related concerns.
After the investigation, NHTSA can demand the vehicle’s recall.
Zacks Rank & Key Picks
TSLA currently carries a Zacks Rank #3 (Hold).
A few top-ranked players in the auto space are Volvo (VLVLY - Free Report) , Wabash National (WNC - Free Report) and Modine Manufacturing (MOD - Free Report) , all of which sport a Zacks Rank #1 (Strong Buy).
The Volvo Group is a manufacturer of trucks, buses, construction equipment, diesel engines and marine and industrial engines. The Zacks Consensus Estimate for VLVLY’s 2023 earnings imply year-over-year growth of 6.25%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimates for WNC’s 2023 sales and earnings imply year-over-year growth of 13.06% and 24%, respectively.
Modine operates primarily in a single industry consisting of the manufacture and sale of heat transfer equipment. The Zacks Consensus Estimates for MOD’s 2023 sales and earnings imply year-over-year growth of 11.43% and 43.09%, respectively.
You can see the complete list of today’s Zacks #1 Rank stocks here.