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Tesla will recall 475,000 vehicles over safety issues, NHTSA says

Tesla Inc. is recalling more than 475,000 of its Model 3 and Model S EVs to address rearview camera and trunk issues that increase the risk of crashing, the U.S. road safety regulator said.

The EV maker is recalling 356,309 2017-2020 Model 3 vehicles to address rearview camera issues and 119,009 Model S vehicles due to front hood problems, the National Highway Traffic Safety Administration said.

The total number of recalled vehicles is close to the half a million vehicles Tesla delivered last year. Tesla could not be reached for comment.

For Model 3 sedans, "the rearview camera cable harness may be damaged by the opening and closing of the trunk lid, preventing the rearview camera image from displaying," NHTSA said.

For Model S vehicles, front hood latch problems may lead a trunk to open "without warning and obstruct the driver’s visibility, increasing the risk of a crash," Tesla told the agency.

Tesla is not aware of any crashes, injuries …

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Ford’s market value closed above GM’s for first time in five years

Ford Motor Co.’s surging stock gave it a market value greater than rival General Motors for the first time in more than five years.

Ford had a market value of $83 billion at Tuesday's close in New York, just barely ahead of GM’s $82.9 billion. The last time Ford was valued at more than its Detroit-based rival was Sept. 14, 2016, when Ford closed the day with a $48.2 billion market cap.

When the market closed Wednesay Ford shares were trading at $20.56, down nearly a percentage point.

Ford shares have more than doubled this year and have been trading around a 20-year-high. They’ve been on a tear since Jim Farley became CEO 14 months ago and accelerated Ford’s push into electric vehicles. The automaker has sold out the first year of its electric F-150 pickup, debuting this spring, and plans to produce 600,000 EVs annually by 2024.

GM has a goal to go all-electric by the middle of the next decade, but surprised Wall Street with the abrupt departure…

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