I'm a new-product developer and so I get copied on all product recall notices in the US, Canada, and the EU. I've been getting these for many years.
I can only remember one recall for a corded drill. The design called for insulating, fire-resistant "paper" (it's called "Fish Paper," fire-resistant, insulating, something, something... I can't remember.). The Chinese contract manufacturer substituted ordinary card stock paper; it looks the same, but it's not. This little change bumped up the contract manufacturer's profit by a few cents per drill. But it also created a serious risk of both electric shock and fire. You really can't fault the design of the drill for this. And the recall notice noted that there had been no reported incidents.
But, I often see recalls for cordless drills and other tools, recalls involving serious risks of explosions, fires, and caustic/corrosive leakage. Many of these recalls list multiple incidents, even fatal incidents. Several of these have involved the risk that the battery can burst into flames while charging; if that happens while you're not home, you could come home to find that you have no home left. There have just been too many of these recalls. Many of these recalls have been for cheap brands or for off-brand replacement batteries. But all of the big names have had such recalls too. I'm just spooked off of cordless power tools, myself.
If you need 'em for your work, then take that risk. But for the average weekend DIYer homeowner, they are not worth the cost or the risk. And if you're such a homeowner and you've got some special project, maybe resurfacing your deck, which will go much easier with cordless tools, then take Mr. Gadgetgeek's sound advice: rent 'em for a few days.