Ford Recalls Over Half a Million Vehicles
Ford shares dipped slightly on news that the automaker was issuing a recall of sedans and SUVs in North America.
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Ford Motor Co. (NYSE: F) shares dipped slightly on news that the automaker was issuing a recall in North America. The company is recalling roughly 550,000 sedans and sport utility vehicles in North America, saying a problem with the gear shifter could cause the vehicles to roll away.
The recall includes some 2013 to 2016 Ford Fusion cars and 2013 to 2014 Ford Escape SUVs. About 504,000 of the affected vehicles were sold in the United States.
According to the company, a bushing that connects the shifter cable to the transmission may detach in the affected vehicles. Ford warned that when the driver shifts the lever into the Park position, the vehicles may unexpectedly be in another gear. If the parking brake isn’t engaged, the vehicles could roll.
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Ford noted that drivers are still able to remove the ignition key if the affected vehicles are stuck in another gear. There’s also no warning message or audible chime to indicate that the vehicle is not in Park.
Shares of Ford were last seen down less than 1% on the day to $10.80, with a consensus analyst price target of $12.28 and a 52-week trading range of $10.14 to $13.48.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
