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Market Daily Report: Bursa Malaysia Closes Higher On Strong Buying Of Blue Chips

KUALA LUMPUR, Feb 11 (Bernama) -- Bursa Malaysia ended higher today as buying on selected blue chips continued, said a brokerage.   At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.85 points or 0.51 per cent to 1,756.39 from Tuesday’s close of 1,747.54. The barometer index opened 3.69 points higher at 1,751.23 before moving as low as 1,745.51 in early trade to as high as 1,757.15 during the mid-afternoon session.  Market breadth was positive with gainers leading losers 575 to 474, while 549 counters were unchanged, 1,087 untraded and 11 suspended. Turnover expanded to 2.55 billion units valued at RM3.06 billion from yesterday’s 2.19 billion units valued at RM2.35 billion.
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Tesla Recalls Nearly 700K Vehicles Over Tire Pressure Glitch, Fixes via Software Update

Tesla Inc. announced the recall of 694,304 vehicles in the United States on Friday due to a tire pressure monitoring system (TPMS) issue that may fail to alert drivers to low tire pressure.

Key Details

1. Recall Scope

  • Affected Models:
    • Model 3, Model Y, and Cybertruck vehicles.
  • Issue:
    • The TPMS warning light may not stay illuminated between drive cycles, potentially causing drivers to unknowingly operate vehicles with improperly inflated tires, increasing the risk of a crash.

2. Resolution

  • Tesla will address the issue with an over-the-air (OTA) software update, a hallmark of the company’s approach to recalls.

Tesla Recall Trends

1. 2024 Recall Statistics

  • Tesla vehicles accounted for 21% of all US recalls in the first three quarters of the year, according to BizzyCar.
  • Most recalls were resolved through OTA software updates, avoiding the need for physical repairs.

2. September Quarter Recalls

  • Tesla recalled 1,858,774 vehicles, the highest in the US, with all issues addressed via software updates.

3. Cybertruck Recalls

  • In November, Tesla recalled 2,400 Cybertruck units in the US due to a faulty part that could lead to power loss and crash risk. This marked the sixth recall for Cybertruck in 2024.

Impact and Outlook

  • Tesla's ability to resolve issues via software updates minimizes disruption for customers, enhancing its reputation for quick fixes. However, the high volume of recalls highlights quality control concerns that the company will need to address as it scales production.
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