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 .
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%.
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