Tesla Recall 2022: Over 40,000 Cars At Risk Of Power Steering Loss

Tesla (TSLA) on Tuesday recalled more than 40,000 cars that are at risk for power-steering failure.

The recall affects Tesla's Model X and Model S series built between 2017 and 2021. A software glitch causes some cars to lose power steering when driving over bumpy roads and potholes, according to the National Highway Traffic Safety Administration.

The NHTSA said the loss of power steering could require greater steering effort, especially at slow speeds, increasing the risk of a crash.

Tesla said 97% of the recalled cars have been fixed as of Nov. 1 with a software update "pushed" to the cars. The recall is Tesla's 17th this year.

Tesla sent new firmware in October to the cars that calibrated values for the electronic power assist steering system. The NHTSA says about a week later Tesla began receiving alerts relating to the calibration values, leading to the recall.

No injuries or deaths have been reported because of the defect.

In September, Tesla recalled 1.1 million vehicles after concerns the window automatic reversal system would not react correctly after detecting an obstruction, increasing the risk of injury.

Elon Musk, who co-founded and leads Tesla, is reportedly worth less than $200 billion for the first time since 2021. Tesla's stock hit a new 52-week low of $196.66 a share on Monday.