Watch: Tesla Issues Recall for 123,000 Model S Sedans

Tesla made the move due to a power steering component in cars built before April 2016. Following the recall on Thursday, shares of the automaker fell $8.38, or 3.15 percent, to $266.13 in after-hours trading. Tesla issued the recall after it discovered excessive corrosion in the power steering bolts in very cold climates.

It says it will 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. This marks the third time the Model S has been recalled since it first came to market.

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