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  • Writer's pictureRealFacts Editorial Team

Tesla Stock Dives After Cybertruck Recall

Tesla Cybertruck

Tesla stock fell for the sixth straight day after news that they had to recall a few thousand Cybertrucks in order to fix a pedal issue that the trucks have been having. Tesla started delivering the Cybertruck at the end of last November and it has had some manufacturer problems since release. The issue with the pedal was worded by Tesla as, “accelerator pedal pad may dislodge and become trapped by the interior trim,” Because of this issue, Tesla had to recall 3,878 Cybertrucks. This is happening on top of an already struggling Tesla stock, the stock has been under pressure all year after poor delivery numbers and mass layoffs.

There may be some light at the end of the tunnel for Tesla, Al Root wrote, “recalls are a normal course of business among car companies. Top U.S. automakers have recalled some 30 million vehicles over the past 12 months. Tesla has recalled about 2.6 million. They usually don’t matter for stock prices either, unless they are expensive to fix or involve significant safety issues. Most recalls are designed to keep cars on roads as safe as possible.”

That being said, things don’t look too hot for Tesla at the moment. Shares of the company are now down 41% year-to-date and just broke under a key technical price level of $149. Things look as if they will get far worse before they get better. Eventually Cybertruck production will increase and things will get back on track for the company but it may be a while before we see that.

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