Electric automaker Tesla recalls 123,000 vehicles

Tesla is recalling its 123,000 Model S vehicles due to a steering issue, the electric automaker said Thursday in an email statement sent to its customers.

All Model S vehicles that were produced before April 2016 were recalled. This is the highest number of vehicles involved in a single recall the company has undertaken so far.

In cold climates, the calcium and magnesium components in salty roads are causing excessive corrosion in the power steering bolts in Model S vehicles, according to the statement.

This makes the vehicles harder to drive in low speeds and during parallel parking, in addition to forcing the drivers to use more force while steering the vehicle, it added.

"There have been no injuries or accidents due to this component, despite accumulating more than a billion miles of driving," the statement said.

Tesla said it will retrofit a power steering component in the recalled vehicles, after it contacts the customers who own the model.

This is the third time the company undertakes a major recall.

Last year, 53,000 Model S and Model X vehicles were recalled due to a faulty parking brake.

In 2015, the company recalled 90,000 Model S cars because of a seat belt failure.

After the announcement, Tesla stock price dropped four percent to as low as $255.55 per share in after-hours trading in the U.S. stock market, after closing the day at $266.13 a share.