Here's What Happened to Tesla's Stock After Massive Model S Recall Announcement

On Friday morning, Bloomberg sent out a one-line wire service report that electric vehicle maker Tesla was voluntarily recalling every one of its 90,000 Model S cars after finding a seat belt malfunction.

Shortly thereafter, Tesla’s stock responded.

[graphiq id=”kofBKW9ru0R” title=”Tesla Motors Inc. (TSLA) Stock Price – Current Day” width=”600″ height=”575″ url=”https://sw.graphiq.com/w/kofBKW9ru0R” link=”http://listings.findthecompany.com/l/12234646/Tesla-Motors-Inc-in-Palo-Alto-CA” link_text=”Tesla Motors Inc. (TSLA) Stock Price – Current Day | FindTheCompany”]

It bounced back a little, but is still down close to 3 percent today.

Tesla suffered a similar stock hit last month, when Consumer Reports unexpectedly retracted its high ranking of the Model S. Right about that time, the carmaker also poached a finance VP from Google as its new CFO. He will have a busy holiday season.

In a statement to customers, Tesla said the issue was found with only one car in Europe and was not fatal.

We are sending you this email to inform you of a proactive action Tesla is taking to ensure your safety. Tesla recently found a Model S in Europe with a front seat belt that was not properly connected to the outboard lap pretensioner. This vehicle was not involved in a crash and there were no injuries. However, in the event of a crash, a seatbelt in this condition would not provide full protection. First and foremost, we care about your safety.

This is the only customer vehicle we know of with this condition. Even though we have since inspected the seat belts in over 3,000 vehicles spanning the entire range of Model S production and found no issues, we have decided to conduct a voluntary recall as a proactive and precautionary measure to inspect all front Model S seat belts and make absolutely sure that they are properly connected. (We have no concerns regarding seat belts in the rear of Model S.)

Our records indicate you own a Model S affected by this voluntary recall. We will be sending you an official recall notice by mail, but you don’t need to wait for this notice to schedule your free inspection safety.

This article originally appeared on Recode.net.

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