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Investing.com -- Tesla (NASDAQ:TSLA) is experiencing premarket losses on Thursday, leading the downturn among the "Magnificent Seven" stocks.
This comes after the electric vehicle maker issued a recall for all the Cybertrucks it produced and sold in the US during the first 15 months on the market.
The company’s stock fell by 1.9% in premarket trading following the recall announcement. According to a report filed with the US National Highway Traffic Safety Administration (NHTSA), Tesla estimates that 1% of the 46,096 pickups being recalled have a defect.
The defect in question is related to pieces of trim coming loose on the Cybertrucks. As a result, Tesla has decided to recall all of the Cybertrucks it produced and sold in its first 15 months on the market in the US.
In the broader market, the Bloomberg Magnificent 7 index, which equally weighs the stocks of seven leading companies, has seen a decline of about 15% this year. This follows a significant rise of 67% in 2024.
The other companies in the Magnificent 7 index, including Meta (NASDAQ:META), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), and Apple (NASDAQ:AAPL), are also experiencing a slight downturn.
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