Tesla Sales Surge, Shares Dip; Nissan Recalls Leaf; Cybertruck Lawsuit & More
Tesla's sales surged by 7.4% in the third quarter, yet TSLA shares dipped by 3.6% due to the loss of a federal tax credit. Meanwhile, Nissan is recalling 19,000 Leaf EVs in the U.S. over fire risks during fast charging. Tesla faces a lawsuit regarding the Cybertruck's door design, and a Xiaomi SU7 owner in China reported a worrying incident involving remote parking. Jaguar Land Rover's production restart after a cyberattack is imminent, and high monthly car loan payments are becoming more common. Lastly, British startup Encor revealed a Lotus Esprit restomod project with a hefty price tag.
Tesla's sales growth in the third quarter was offset by a 3.6% drop in TSLA shares, primarily due to the expiration of a federal tax credit. This credit had been a significant driver of Tesla's sales in previous quarters. In other news, Nissan is set to recall 19,000 Leaf EVs in the U.S. due to a fire risk that can occur during fast charging. The recall comes after reports of battery fires in some Leaf models.
A lawsuit has been filed against Tesla over the Cybertruck's door design. Michael Guevara, the applicant, alleges that the doors can trap occupants in the event of a power loss, leading to injuries or even deaths. In a separate incident, a Xiaomi SU7 owner in China reported that their car drove away on its own while parked, with no one in the driver's seat. The owner claims this was due to a remote parking command sent from an Apple device.
Jaguar Land Rover's production restart after a recent cyberattack is expected to happen in the coming days, although no specific date has been provided yet. The restart will allow the company to resume production and meet customer demand. In the world of car financing, a trend has emerged where more than one in six car buyers are opting for monthly payments of $1,000 or more. This trend began during the supply shortage between 2021 and 2022 and continues to grow.
Lastly, British startup Encor has announced an ambitious Lotus Esprit restomod project. The project will use Series 4 donors and is priced at $580,000, excluding the cost of sourcing an Esprit. This high-end restoration project is aimed at preserving the classic Lotus Esprit while updating it with modern technology and performance features.
The automotive industry continues to face challenges and innovations. Tesla's sales growth was tempered by TSLA share price drops, while Nissan addresses a fire risk in its Leaf EVs. Tesla faces legal action over the Cybertruck's door design, and a worrying incident involving remote parking has been reported. Jaguar Land Rover's production restart is imminent, and high monthly car loan payments are becoming more common. Finally, Encor's Lotus Esprit restomod project offers a modern take on a classic sports car, but at a significant price.
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