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Ford (F) Recalls Nearly 3M Vehicles in US Over Gear Issues
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Ford Motor Company (F - Free Report) recently announced that it is recalling more than 2.9 million vehicles that might fail to shift into the correct gear due to a damaged or missing shift cable. This could cause the vehicles to move in an unintended direction even after selecting the ‘Park’ position. Such situations run the risk of accidents.
The recall covers various models from 2013-2019 Escape, 2013-2018 C-Max, 2013-2016 Fusion, 2013-2021 Transit Connect to 2015-2018 Edge.
Per the National Highway Traffic Safety Administration (“NHTSA"), six cases of property damage and four instances of injuries have been reported.
As a mitigating effort, dealers will replace the underhood shift bushing and add a protective cap.
It marks Ford's fifth recall over the issue since 2018. The recent one was in April, after which Ford held regular talks with the NHTSA over field reports related to vehicles equipped that were not covered under previous recalls. The company stated that it has identified 1,630 warranty reports and 233 other reports pertaining to this concern from April 2015 through March 2022.
The automaker has had to issue a spate of recalls of late, with two such announcements made in the last two days.
On Tuesday, Ford issued a recall of more than 48,000 Mustang Mach-E electric crossovers over issues about 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 contractors, which can lead to power loss while in motion, thereby increasing the risk of accidents.
On Wednesday, it recalled 53,103 four-door 2021-2022 Bronco vehicles because a glitch enabled the passenger-side rear door to open from inside the vehicle even when the child safety lock is in the "ON" position.
Shares of F have lost 16.9% over the past year compared with its industry’s 20.3% 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 2.3% 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% 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 9.3% over the past year.
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Ford (F) Recalls Nearly 3M Vehicles in US Over Gear Issues
Ford Motor Company (F - Free Report) recently announced that it is recalling more than 2.9 million vehicles that might fail to shift into the correct gear due to a damaged or missing shift cable. This could cause the vehicles to move in an unintended direction even after selecting the ‘Park’ position. Such situations run the risk of accidents.
The recall covers various models from 2013-2019 Escape, 2013-2018 C-Max, 2013-2016 Fusion, 2013-2021 Transit Connect to 2015-2018 Edge.
Per the National Highway Traffic Safety Administration (“NHTSA"), six cases of property damage and four instances of injuries have been reported.
As a mitigating effort, dealers will replace the underhood shift bushing and add a protective cap.
It marks Ford's fifth recall over the issue since 2018. The recent one was in April, after which Ford held regular talks with the NHTSA over field reports related to vehicles equipped that were not covered under previous recalls. The company stated that it has identified 1,630 warranty reports and 233 other reports pertaining to this concern from April 2015 through March 2022.
The automaker has had to issue a spate of recalls of late, with two such announcements made in the last two days.
On Tuesday, Ford issued a recall of more than 48,000 Mustang Mach-E electric crossovers over issues about 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 contractors, which can lead to power loss while in motion, thereby increasing the risk of accidents.
On Wednesday, it recalled 53,103 four-door 2021-2022 Bronco vehicles because a glitch enabled the passenger-side rear door to open from inside the vehicle even when the child safety lock is in the "ON" position.
Shares of F have lost 16.9% over the past year compared with its industry’s 20.3% 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 2.3% 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% 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 9.3% over the past year.