What's Going On With Tesla Stock Today?

Tesla Inc TSLA shares are trading slightly lower Tuesday morning. The company announced a recall of nearly 55,000 Model X vehicles. 

What Happened: Tesla is set to recall 54,676 Model X vehicles manufactured between 2021 and 2023 due to reduced braking performance risks, according to the National Highway Traffic Safety Administration (NHTSA). 

When brake fluid is low, there is risk that it may not be properly detected by the vehicle controller, which is supposed to alert the driver with a warning light. Tesla is not aware of any crashes, injuries or deaths related to the braking error and will release an over-the-air software update to fix the issue for free. 

Tesla shares are off to a sluggish start in October. At the beginning of the month, the company said it produced 430,488 vehicles in the third quarter, down from 479,700 in the second quarter. Deliveries were also down from the previous quarter.

Tesla said the lower production numbers were due to planned downtimes for factory upgrades. The company noted that its 2023 volume target of around 1.8 million vehicles remains unchanged.

Reports from last week also suggested that the EV maker's China-made EV sales are slipping, down more than 10% on a year-over-year basis.

Tesla is scheduled to report third-quarter financial results on Wednesday. Analysts expect the company to report quarterly earnings of 80 cents per share on revenue of $24.79 billion, according to estimates from Benzinga Pro.

See Also: Cathie Wood Sells $2M Worth Tesla Stock Amid Its Rebound Ahead Of EV Maker's Q3 Results

TSLA Price Action: Tesla shares were down 0.83% at $251.81 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Tesla.