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Tesla Inc (NASDAQ:TSLA) will refund owners of older Model S and X electric vehicles for out-of-pocket repair costs paid by them for main computer failure, CNBC reports.
What Happened: The main computer (MCU) in Tesla powers the touchscreen allowing drivers to control entertainment, navigation, air conditioning, and other vehicle features.
The memory devices in some Tesla MCUs have a limited "write cycle," which means they will stop working after it hits a specific number of programs or erase cycles, CNBC noted.
The failure of the MCU renders a blackout to touchscreens — making the car mostly useless. The problem affected older Model S and X vehicles built until 2018.
In an email to owners of such vehicles, Tesla said that it would refund the repair expenses for MCU failures paid out-of-pocket by the users.
The Elon Musk-led company will also extend the warranty to provide no-cost repairs to users experiencing a malfunction at any Tesla service center for eight years or 100,000 miles from the initial delivery date.
CNBC reports that Tesla used similar components in 159,000 vehicles, including Model S sedans built from 2012 to 2018 and Model X SUV's made from 2016 to March 2018.
In 2018, Tesla shifted from the MCU-1 system using NVIDIA Corporations's (NASDAQ:NVDA) Tegra 2 and Tegra 3 processors to 4GB or 8GB eMMC NAND flash memory devices made by SK Hynix.
Why It Matters: The refund and extension of conditional warranty will help Tesla prevent a proposed class-action lawsuit.
In June, the National Highway Traffic Safety Administration opened an investigation into 63,000 Tesla Model S cars on MCU failures reports.
Price Action: Tesla shares traded 0.23% lower at $420.31 in the pre-market session Tuesday.
Image Courtesy: Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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