Ford Bound to Experience a Stock Price Drop Following Recent Upset
Crypto Engine is a crypto trading tool for investing in the crypto market with an %88 average win rate on trades and is the #1 trading software for crypto traders from all around the globe in 2022. Try it For FREE Today.
The recent reports surrounding Ford reveal that the major US-based car manufacturing giant has recalled a large number of vehicles. The reports suggest that the particular vehicle Ford has recalled is the Explorers. According to figures, Ford has recalled a total of 775,000 Explorers. In addition to the Explorers, Ford has also recalled a number of Lincoln Aviators and F-350 Super Duty pickups.
The data suggests that as a result of the recall, Ford has suffered a drop in its share prices at the stock market. As of now, the company has experienced a 1.8% drop in its stock prices and the current share price is hovering around $13.61. This is due to the setback the company has faced in terms of recalling due to massive faults in the manufacturing of the vehicles.
Ford has announced that the recall it has initiated is for the said models manufactured in the years 2013 to 2017. The company has claimed that the recall it has initiated is to be considered a “safety recall” from the company’s end. Ford has confirmed that as a result, it has recalled around 60,000 Ford Explorers outside of the United States. These particular Ford Explorers will be coming in from North America.
Ford has announced that the reason behind the recall is to inspect the vehicle for a fractured rear suspension toe link. According to the company, it could have been caused by the seizing of a cross-axis ball joint.
The company has confirmed that it has received confirmation of six allegations that were made by the drivers of the vehicles. The complaints also involved injuries that the drivers suffered while driving the pickup trucks with faulty suspensions. The company has revealed that these six cases had emerged from North America so it had to recall the vehicles from the particular region.
According to Ford, while driving the affected vehicles, the drivers may be able to hear a clunking noise. If not a clunking noise, then they may notice a misaligned rear-wheel or experience unusual handling.
As a result of the rear toe link being fractured, the control over steering subsequently diminishes. This may lead to a higher risk of drivers running into accidents or vehicle crashes. Therefore, it had become a problem that was to be handled at the earliest.
The states with high corrosion rates are likely to have more vehicles affected. This claim has been made by the National Highway Traffic Safety Administration. On the other hand, regions that have substantial road-salt use, high humidity, or cold winter weather are likely to face such issues.
It was back in November of 2020 when more than 350,000 Explorer vehicles were recalled by Ford from Canada and the United States and the reason was somewhat similar.
Altcoin Directory is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site (namely Branded Content Posts) is paid content that is not written by our authors and the views expressed do not reflect the views of this website. Any disputes you may have with brands or companies mentioned in our content will need to be taken care of directly with the specific brands and companies. The responsibility of our readers who may click links in our content and ultimately sign up for that product or service is their own. Cryptocurrencies, NFTs and Crypto Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.