Tesla recalls Cybertrucks for sixth time this year

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Cybertrucks are being recalled again.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:05The state of inflation and the labor market

00:06are top of mind this Thursday.

00:09A 0.2% rise in wholesale inflation for October

00:12was in line with economists' forecast.

00:15The producer price index rose 2.4% from a year ago.

00:18Investors still think the Federal Reserve

00:20is on track to deliver a rate cut in December.

00:25In other news, the Tesla Cybertruck

00:27has only been on the road for about a year,

00:29and it's already facing recall number six.

00:32The National Highway Traffic Safety Administration

00:35posted the notice of Tesla's voluntary recall

00:37on its website.

00:39Tesla is urging drivers of more than 2,400 Cybertrucks

00:42to bring the vehicle in so that the drive inverter, which

00:46sends power to the wheels, can be replaced.

00:48Tesla wrote in a web post, quote,

00:50if the inverter stops producing torque,

00:53the driver loses the ability to apply torque to the vehicle

00:57using the accelerator pedal, resulting

01:00in a loss of propulsion, which may increase

01:03the risk of a collision.

01:05The Cybertruck has quickly risen in popularity

01:07for electric vehicle drivers, already

01:09becoming the third best-selling EV in the US

01:12during the third quarter.

01:14But the futuristic-looking vehicle,

01:16which starts at an $80,000 selling price,

01:19has had many issues, even after its final delivery

01:22was delayed by two years.

01:25It is facing at least four safety probes by NHTSA,

01:28including a look at a so-called premium autonomous driving

01:32feature that may have trouble identifying items on the road

01:36during times of low visibility, such as fog or sun glare.

01:41And that'll do it for your daily briefing.

01:43From the New York Stock Exchange,

01:44I'm Conway Gittins with The Street.

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