Tesla Model S cars are being recalled all over the world. This is the company's largest recall yet with 123,000 vehicles affected.

According to the email sent to its customers, the potential issue hasn't actually caused any accidents yet despite its Tesla Model S accumulating over a billion miles of driving.

"We have observed excessive corrosion in the power steering bolts, though only in very cold climates, particularly those that frequently use calcium or magnesium road salts, rather than sodium chloride (table salt)," the email reads.

"Nonetheless, Tesla plans to 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."

Tesla Advises Owners To Wait

Tesla will contact the Model S owners to schedule an appointment when the replacement parts become available in the region. The process will only take an hour.

Meanwhile, Tesla advises the owners on what to do if the bolts fail. According to the electric car manufacturer, drivers can still take control of the car but with more force than usual. Driving at a high speed won't change much, but low speeds will make it harder.

Tesla makes it clear that this issue only affects Model S units that were manufactured before April 2016. Model X and Model 3 vehicles are in the clear.

In the U.S.A., this issue has only ever affected 0.02 percent of the Model S vehicles. However, shares fell by almost 4 percent on Thursday. Over the past 12 days, Tesla's stock fell by about 25 percent.

The State Of The Company Is Not Looking Good

This latest problem only adds to Tesla's recent streak. Just on March 23, a Tesla Model X was involved with a fatal crash in Mountain View, California.

Wei Huang was driving on the highway when he crashed into a barrier, causing his Model X to catch fire. The National Transportation Safety Board is still investigating whether Autopilot was on, but Tesla has now released a statement.

According to the company's data, Tesla cars have driven through the same highway about 85,000 times on Autopilot since the software rolled out in 2015, 20,000 times since the start of 2018, and 200 times every day. So far, no accidents were reported.

In January, a fatal accident involving a Model S was reported in California. At that time, the board concluded that Autopilot was on when a Model S crashed into a fire truck.