Tesla recalls cars to retrofit corroding steering component

Tesla Inc. voluntarily recalled Model S sedans built before April 2016 for a power-steering fix related to excessive corrosion.

The recall – which affects roughly 123,000 vehicles, globally – comes as the Palo Alto, California-based electric car manufacturer witnessed its worst month in the stock market since December 2010.

Tesla shares fell 22 percent during March, the greatest one-month drop for the company since it went public.

The recall remedies “excessive corrosion in the power steering bolts, though only in very cold climates, particularly those that frequently use calcium of magnesium road salts,” according to an email statement released to impacted customers.

Read more from Bloomberg.