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Tesla (TSLA) Issues Voluntary Recall of 53,000 Cars

Ryan McQueeney

Shares of Tesla, Inc. TSLA dipped more than 2.1% from their intraday high after the company issued a voluntary recall of its Model S hatchback and Model X crossover vehicles.

The recall relates to an issue with the models’ electric parking brakes. Apparently the Model S hatchback and Model X crossover cars have a faulty gear in these parking brakes, which can malfunction and lock the cars in “Park.”

Tesla said that the issue does not affect the vehicles’ regular brakes, and the company has not received reports of the parking brakes failing to keep the cars in place.

The recall affects approximately 53,000 vehicles, but Tesla said that it estimates only about 2-5% of these cars contain the problematic gear. The affected vehicles were built between February and October of 2016.

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