Recall shoots down soaring Tesla share

An announcement that Tesla was recalling thousands of cars due to defective breaks has now slowed the high speed at which the Tesla share had soared since December. Meanwhile, the auto manufacturer has been sued due to its autopilot software.

Photo: Michael Porbst/AP

A Tesla car can accelerate from zero to 100 in less than three seconds. The company's share has shot up at similar speeds since December 2016, but now a recall of 53,000 cars is slamming the brakes on this progress in more ways than one.

Tesla's share has risen by 70 percent since December to a price of USD 308. However, Thursday Elon Musk announced on Tesla's website that the auto manufacturer had to recall 53,000 vehicles due to potential problems with the electric handbrake in some of the carmaker's Model X and Model S models.

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