Ford’s Shares Slip 2.3% Amid F-150 Rollaway Recall
Ford (F) witnessed a 2.3% decline in its shares during early trading on Wednesday, prompted by the recall of 112,965 F-150 pickups due to concerns about potential rollaway risks.
The automaker officially informed the National Highway Traffic Safety Administration (NHTSA) that a specific group of Ford F-150 pickups manufactured between 2021 and 2023, equipped with “the Trailer Tow Max Duty package and a 9.75-inch heavy-duty axle featuring a 3/4 float axle design,” are affected.
Ford specified that the recall, affecting a total of 112,965 pickup trucks, revolves around a rear axle hub bolt that “may fatigue and break,” leading to potential damage to the axle hub splines.
The identified problem could result in a scenario where the vehicle might roll away while in the park without the parking brake engaged, or it could cause a loss of drive power. This poses an increased risk of a collision for drivers of the impacted trucks, as indicated in Ford’s notification letter to the NHTSA.
Ford assured that a “remedy is currently under development.” In the interim, owners experiencing symptoms related to rear axle bolt breakage, such as clicking or rattling noises, will be instructed to take their vehicles to a dealer for an interim repair.
As a consequence of this development, Ford shares experienced a 2.3% decline, trading at $11.88 per share around 10 a.m. ET on Wednesday.
