By Kirsten Korosec
March 30, 2018

Tesla is recalling 123,000 Model S sedans—its largest recall ever—to fix a power steering component in cars built before April 2016.

The recall to retrofit the component was issued out of “out of an abundance of caution to ensure the safety and peace of mind of our customers,” Tesla said.

Tesla shares fell $8.38, or 3.15%, to $266.13 in after-hours trading on Thursday, just after the recall was announced.

Nearly a year ago, Tesla issued another recall for 53,000 of its Model S and Model X cars to fix a parking brake problem.

“Model S was previously found by the U.S. government to have the lowest probability of injury of any car it has ever tested, and we continue to test and update Model S to ensure is among the safest vehicles in the world,” a company spokesman said in a statement.

Tesla has not received any reports of accidents or injuries relating to the issue, the spokesman said. The recall doesn’t affect Model X SUVs or its new Model 3 electric vehicles. The retrofit will typically take around an hour, the company said.

Tesla issued the recall after it discovered excessive corrosion in the power steering bolts in very cold climates, particularly area where they is frequent use calcium or magnesium road salts rather than sodium chloride, or table salt, the company said in a letter sent to affected owners.

Tesla plans to replace all early Model S power steering bolts in all climates worldwide to account for the possibility that the vehicle may later be used in a highly corrosive environment, the company wrote.

Tesla says even if the bolts fail, the driver would be able to steer the car. However, it would require that the driver use extra force because the power assist feature are either reduced or fail altogether. Under such conditions, the car becomes more difficult to drive at low speeds and to parallel park, But it does not materially affect control at high speed, for which only limited steering wheel force is needed, Tesla wrote to customers.

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