Ford Recalls Over 740,000 Vehicles for Transmission Defect, Risk of Rollaway
F sits 31% above its 52-week low of $10.68 on light trading volume (0.4× avg).
Summary
Ford is recalling over 740,000 vehicles, including popular Expedition, Explorer, and F-150 models, due to a transmission defect that could cause the vehicle to engage park while in motion, risking a rollaway. This latest action follows a series of large recalls for the automaker, including 422,000 vehicles in early April and 1.4 million vehicles later that month. The recurring quality control issues and associated repair costs could continue to weigh on the company's financials and brand reputation.
At the time of this announcement, F was trading at $14.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $55.8B. The 52-week trading range was $10.68 to $17.78. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.