Ford Recalls 741K Vehicles; Key F-150 Aluminum Supplier Restarts Production
F sits 30% above its 52-week low of $10.68.
Summary
Ford is recalling 741,195 vehicles from 2018–2021 models due to a park-by-wire defect that could allow rolling. Separately, Novelis has restarted its Oswego aluminum plant, a critical supplier for Ford's F-150. This recall adds to previous large recalls in April. The Novelis plant restart directly addresses the "aluminum crisis" reported on May 4th, which had previously impacted F-Series output. The recall represents new costs and potential liabilities for Ford, while the restart of the Novelis plant is a significant positive, as it removes a constraint on production for the highly profitable F-Series.
At the time of this announcement, F was trading at $13.86 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $55.4B. The 52-week trading range was $10.68 to $17.78. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.