We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Ford (F) Recalls 125K Vehicles Due to Risk of Engine Failure
Read MoreHide Full Article
Ford Motor Company (F - Free Report) is recalling over 125,000 sports utility vehicles (SUVs) and trucks. Per the National Highway Traffic Safety Administration (NHTSA), the recall includes 86,656 Ford Escapes model years 2020-23, 35,501 Ford Mavericks model years 2022-23 and 3,165 Lincoln Corsairs model years 2021-23.
The recalled vehicles have 2.5L of HEV/PHEV engines that could fail prematurely. Per NHTSA, if the engine fails, engine oil or fuel vapor may be released and accumulate near ignition sources, resulting in fires or smoke.
So far, Ford has received reports of at least three vehicles experiencing a fire, even after getting a recall fix in 2022. Therefore, Ford and NHTSA have advised customers to safely park and shut off the engine if they hear unexpected engine noises, notice a power decrease or see or smell smoke.
The owners of the vehicles will be contacted starting Jun 12, 2023. Per the traffic safety administration, the solution for the engine issue is expected to get ready by the third quarter of 2023.
Last month, Ford recalled more than 175,000 Bronco models due to a defect in the seatbelt latch.
Ford’s vehicle lineup, supported by F-series trucks, Maverick pickups and SUV models, including the Escape, Explorer, Expedition, EcoSport and Edge, is impressive. The automaker remains on track to reach an annualized EV production capacity of 600,000 units globally by the end of this year. It plans to spend around $50 billion by 2026 and targets producing more than 2 million EVs by 2026-end (witnessing a 49% CAGR throughout 2023-2026). By 2030, Ford expects EVs to account for 50% of its global sales.
On the flip side, Ford’s massive spending on modernization, including connectivity, IT and new product launches, is expected to limit its cash flows in the near term.
Some other top-ranked players in the auto space are General Motors (GM - Free Report) , Stellantis N.V. (STLA - Free Report) and Wabash National (WNC - Free Report) , all of which carry the same rank as Ford.
General Motors is one of the world’s largest automakers. The Zacks Consensus Estimate for GM’s 2023 sales indicates year-over-year growth of 4.5%.
Stellantis is an automaker and a mobility provider. The Zacks Consensus Estimate for STLA’s 2023 sales indicates year-over-year growth of 13.42%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Ford (F) Recalls 125K Vehicles Due to Risk of Engine Failure
Ford Motor Company (F - Free Report) is recalling over 125,000 sports utility vehicles (SUVs) and trucks. Per the National Highway Traffic Safety Administration (NHTSA), the recall includes 86,656 Ford Escapes model years 2020-23, 35,501 Ford Mavericks model years 2022-23 and 3,165 Lincoln Corsairs model years 2021-23.
The recalled vehicles have 2.5L of HEV/PHEV engines that could fail prematurely. Per NHTSA, if the engine fails, engine oil or fuel vapor may be released and accumulate near ignition sources, resulting in fires or smoke.
So far, Ford has received reports of at least three vehicles experiencing a fire, even after getting a recall fix in 2022. Therefore, Ford and NHTSA have advised customers to safely park and shut off the engine if they hear unexpected engine noises, notice a power decrease or see or smell smoke.
The owners of the vehicles will be contacted starting Jun 12, 2023. Per the traffic safety administration, the solution for the engine issue is expected to get ready by the third quarter of 2023.
Last month, Ford recalled more than 175,000 Bronco models due to a defect in the seatbelt latch.
Ford’s vehicle lineup, supported by F-series trucks, Maverick pickups and SUV models, including the Escape, Explorer, Expedition, EcoSport and Edge, is impressive. The automaker remains on track to reach an annualized EV production capacity of 600,000 units globally by the end of this year. It plans to spend around $50 billion by 2026 and targets producing more than 2 million EVs by 2026-end (witnessing a 49% CAGR throughout 2023-2026). By 2030, Ford expects EVs to account for 50% of its global sales.
On the flip side, Ford’s massive spending on modernization, including connectivity, IT and new product launches, is expected to limit its cash flows in the near term.
Zacks Rank & Other Key Picks
Ford currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Some other top-ranked players in the auto space are General Motors (GM - Free Report) , Stellantis N.V. (STLA - Free Report) and Wabash National (WNC - Free Report) , all of which carry the same rank as Ford.
General Motors is one of the world’s largest automakers. The Zacks Consensus Estimate for GM’s 2023 sales indicates year-over-year growth of 4.5%.
Stellantis is an automaker and a mobility provider. The Zacks Consensus Estimate for STLA’s 2023 sales indicates year-over-year growth of 13.42%.
Wabash is one of the leading manufacturers of semi-trailers in North America. The Zacks Consensus Estimate for WNC’s 2023 sales and earnings indicates year-over-year growth of 12% and 90.7%, respectively.