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Ford (F) Recalls 48K+ Mustang Mach-E in US Over Battery Hitch
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Ford Motor (F - Free Report) has issued a recall of more than 48,000 Mustang Mach-E electric crossover over issues pertaining to a safety defect that may inhibit the mobility of the vehicle.
Per the recall decision, the malfunction involves overheating of the vehicle’s battery high-voltage contactors, which can lead to power loss while in motion, thereby increasing the risk of accidents. The decision will affect 48,924 vehicles in the United States, built between May 27, 2020, and May 24, 2022, at the automaker’s Cuautitlan plant in Mexico.
Ford has already sent a notice to its dealers asking them not to deliver any Mustang Mach-E vehicles to customers until a software fix has been issued.
The problem can be fixed with an over-the-air software update, which is supposed to be issued next month. It can be done remotely, so the owners may choose not to bring their vehicles to the dealership.
The recall comes during a critical juncture of Ford’s electrification strategy as the first F-150 Lightning trucks will reach customers in the coming weeks. The company reported selling 6,254 electric vehicles in May 2022, marking a 222% year-over-year increase and about 4.2% of Ford’s total sales volume. Of the total sales, the Mustang Mach-E alone represents 5,179 vehicles.
This isn’t the first roadblock in Mustang’s history.
A few weeks ago, the auto biggie issued a series of three recalls on separate problems. The first two recalls were over issues of engine fires and dust accumulating into the airbag wiring in the steering wheel, respectively.
The third recall impacted 464 electric Mustang Mach-E SUVs from 2021 over a software issue that may cause unwanted acceleration, deceleration or a loss of drive power in all-wheel-drive vehicles. Also, Ford was delayed in rolling out the EV in spring 2021 for extra quality checks.
Shares of F have lost 18.7% over the past year compared with its industry’s 24.5% decline.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 6.8% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 45.1% over the past year.
Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 3.1% upward in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 11.7% over the past year.
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Ford (F) Recalls 48K+ Mustang Mach-E in US Over Battery Hitch
Ford Motor (F - Free Report) has issued a recall of more than 48,000 Mustang Mach-E electric crossover over issues pertaining to a safety defect that may inhibit the mobility of the vehicle.
Per the recall decision, the malfunction involves overheating of the vehicle’s battery high-voltage contactors, which can lead to power loss while in motion, thereby increasing the risk of accidents. The decision will affect 48,924 vehicles in the United States, built between May 27, 2020, and May 24, 2022, at the automaker’s Cuautitlan plant in Mexico.
Ford has already sent a notice to its dealers asking them not to deliver any Mustang Mach-E vehicles to customers until a software fix has been issued.
The problem can be fixed with an over-the-air software update, which is supposed to be issued next month. It can be done remotely, so the owners may choose not to bring their vehicles to the dealership.
The recall comes during a critical juncture of Ford’s electrification strategy as the first F-150 Lightning trucks will reach customers in the coming weeks. The company reported selling 6,254 electric vehicles in May 2022, marking a 222% year-over-year increase and about 4.2% of Ford’s total sales volume. Of the total sales, the Mustang Mach-E alone represents 5,179 vehicles.
This isn’t the first roadblock in Mustang’s history.
A few weeks ago, the auto biggie issued a series of three recalls on separate problems. The first two recalls were over issues of engine fires and dust accumulating into the airbag wiring in the steering wheel, respectively.
The third recall impacted 464 electric Mustang Mach-E SUVs from 2021 over a software issue that may cause unwanted acceleration, deceleration or a loss of drive power in all-wheel-drive vehicles. Also, Ford was delayed in rolling out the EV in spring 2021 for extra quality checks.
Shares of F have lost 18.7% over the past year compared with its industry’s 24.5% decline.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Ford carries a Zacks Rank #3 (Hold), currently.
Better-ranked players in the auto space include Wabash National Corporation (WNC - Free Report) , sporting a Zacks Rank #1 (Strong Buy) and Fox Factory Holdings (FOXF - Free Report) and Standard Motor Products (SMP - Free Report) , each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 6.8% over the past year.
Fox Factory has an expected earnings growth rate of 14.9% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 1% upward in the past 30 days.
Fox Factory’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF pulled off a trailing four-quarter earnings surprise of 10.18%, on average. The stock has declined 45.1% over the past year.
Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised around 3.1% upward in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters. SMP pulled off a trailing four-quarter earnings surprise of 40.34%, on average. The stock has declined 11.7% over the past year.