Volkswagen Recalls 208K US Vehicles Over Steering Defect
VWAGY is trading near its 52-week low of $8.07 (9.4% above the low) on light trading volume (0.3× avg).
Summary
Volkswagen is recalling 208,724 US vehicles because a steering-rack mounting bolt can corrode and fracture, potentially causing loss of steering control. Affected models include 2018 Tiguan, 2018-2019 Atlas, and 2019-2021 Audi Q3. Dealers will replace the bolt at no cost. Shares fell about 7% on the news. This follows the company's €16B restructuring estimate reported last week, adding to near-term cost pressures.
At the time of this announcement, VWAGY was trading at $8.83 on OTC in the Manufacturing sector, with a market capitalization of approximately $47.3B. The 52-week trading range was $8.07 to $12.83. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.