Tesla Inc. is voluntarily recalling about 123,000 Model S sedans globally after discovering that certain corroding bolts in cold weather climates could lead to a power-steering failure.

The Silicon Valley auto maker on Thursday said the recall, believed to be the company’s largest ever, applies to Model S sedans built before April 2016. Tesla said the issue is known to have involved less than 0.02% of the potentially affected vehicles in the U.S.

Tesla...