• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 17 hours e-cars not selling
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 15 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days If hydrogen is the answer, you're asking the wrong question
Near-Record Discount For EU Equities Isn't Enough For Investors

Near-Record Discount For EU Equities Isn't Enough For Investors

Even a near-record discount for European…

Tesla To Recall Over 1.1 Million EVs In China

Tesla will recall more than 1.1 million of its electric vehicles sold in China, both domestically produced and imported into China, due to potential safety risks, the Chinese State Administration for Market Regulation said on Friday.

The recall of 1,104,622 Teslas, which will begin on May 29, affects imported Model S, Model X, and Model 3, and China-made Model 3 and Model Y, the Chinese administration said about the recall plan Tesla’s local units had submitted with the regulator.   

The vehicles subject to the recall have issues that may raise the probability of drivers “mistakenly stepping on the accelerator pedal” for an extended period, which could increase the risk of collision and pose a “safety hazard,” according to the regulator’s statement.

Tesla plans to make adjustments or add notification features to the recalled vehicles to reduce the risk, the Chinese market regulator added.

Tesla has just raised the prices for its Model 3 and the Model Y in China and the United States. The Model 3 is now priced at $40,240 in the US and 231,900 yuan in China, while the Model Y is now priced at $47,240 in the US and 263,900 yuan in China. Still, the hikes in prices are small compared to the cuts the company has put in place since the beginning of the year.

In the United States, Tesla this week broke ground on a lithium refinery in Texas in the company’s latest move aimed at ensuring a sufficient supply of critical materials for the manufacturing of its cars.

The refinery should be up and running by next year, and ready to ramp up a year later to an annual output sufficient for the production of 1 million EV batteries.

“As we look ahead a few years, a fundamental choke point in the advancement of electric vehicles is the availability of battery grade lithium,” CEO Elon Musk said at the ceremony.


By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on May 12 2023 said:
    Tesla needs to hope and pray the Cybertruck©®™ is "all that and a ball of wax" as clearly this is a failing business for the time being.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News