Ford Recalls Over Half a Million Vehicles
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.
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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