Markets
F

Ford (F) to Recall 1.38M Vehicles for Steering Wheel Issues

An image of a person going over a financial report
Credit: Shutterstock photo

Ford Motor CompanyF has made the announcement of recalling around 1.38 million vehicles in North America, per a Reuters news. Concerns over potentially loose steering wheel bolts led to this recalls. It includes 1.3 million vehicles in the United States, 63,000 in Canada and 14,000 in Mexico.

The affected vehicles include 2014-2018 model year Ford Fusion vehicles and 2014-2018 Lincoln MKZ cars built at plants in Michigan and Mexico. The company announced that the faulty steering wheel bolts will be replaced with longer bolt by the dealers.

Importantly, in October 2017, the U.S. National Highway Traffic Safety Administration examined 841,000 Ford vehicles as reports of loose steering wheel bolts surfaced.

The auto giant has further added that it is also recalling 6,000 units of 2013-15 Ford Fusion vehicles in North America. This pertains to potential clutch-plate crack with the risk of catching fire.

Notably, problems pertaining to steering wheels are not very common. In 2011 and 2013, General Motors Company GM recalled Cruze cars and Buick Encore SUVs as they feared that the steering wheels might detach.

Ford underperformed the industry it belongs to in the past one year. Its shares lost 13.3% whereas the industry gained 2.7%.

While Ford has a Zacks Rank #3 (Hold), General Motors carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here .

A couple of top-ranked stocks in the auto space are Volkswagen AG VLKAY and AB Volvo VLVLY , each carrying a Zacks Rank #2.

Volkswagen has an expected long-term growth rate of 18.7%. The shares of the company gained 28.7% in the past year.

AB Volvo has an expected long-term growth rate of 15%. Past year, shares of the company rallied 28.2%.

Can Hackers Put Money INTO Your Portfolio?

Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.

Zacks has just released Cybersecurity! An Investor's Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.

Download the new report now>>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Ford Motor Company (F): Free Stock Analysis Report

General Motors Company (GM): Free Stock Analysis Report

Volkswagen AG (VLKAY): Free Stock Analysis Report

AB Volvo (VLVLY): Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

F VLVLY GM

Other Topics

Stocks

Latest Markets Videos