Ford (F) Issues Recall of F-150 Trucks on Tire Pressure Hitch
Ford Motor Co. F recently issued the first recall of its Ford F-150 Lightning electric pickup trucks. The recall is due to a safety issue pertaining to tire pressure monitoring system (TPMS). It covers trucks with 20-inch or 22-inch all-season tires.
The glitch may impair the TPMS light’s illuminating power, which could fail to warn customers properly, which could fail to warn customers in case of a low tire-pressure situation. The issue cropped up because the tire cold inflation pressure value was incorrectly adjusted.
The recall will affect 2,666 Lightning vehicles in the United States and 220 in Canada. Only vehicles with 20” and 22” are included in the recall, excluding the 18" wheel & tire combination equipment on both the Pro and XLT trims. However, no accidents or injuries have been reported so far as a result of the snag.
The automaker officially began to notify its dealers and owners via email and the FordPass mobile app, beginning Jun 28. Vehicles yet to be delivered can and will have the issue fixed by Ford dealers. F will also offer the automotive repair through a Ford Power-Up software update in the next 30 days for all current Lightning customers.
The F-150 Lightning is the first all-electric pickup and has had an impressive run in the EV space, particularly in the United States. The first set of deliveries started this spring. However, the recent recall is a blotch on the success of the series.
Ford has been issuing a number of recalls of late. A few weeks ago, F recalled more than 2.9 million vehicles that might fail to shift into the correct gear due to a damaged or missing shift cable. This could cause the vehicles to lose balance and deflect, even after selecting the ‘Park’ position. Such uncontrollable situations run the risk of accidents. The recall covered various models ranging from 2013-2019 Escape, 2013-2018 C-Max, 2013-2016 Fusion, 2013-2021 Transit Connect to 2015-2018 Edge.
Shares of Ford have lost 20.5% over the past year compared with its industry’s 17.2% decline.
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Zacks Rank & Key Picks
F carries a Zacks Rank #3 (Hold), currently.
Some better-ranked players in the auto space are Wabash National Corporation WNC, Genuine Parts GPC and Standard Motor Products SMP, each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wabash National has an expected earnings growth rate of 239.3% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Wabash National’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed in one. WNC pulled off a trailing four-quarter earnings surprise of 51.26%, on average. The stock has declined 11.3% over the past year.
Genuine Parts has an expected earnings growth rate of 13.6% for the current year. The Zacks Consensus Estimate for current-year earnings has remained constant in the past 30 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 11.34%, on average. The stock has risen 7.1% over the past year.
Standard Motor has an expected earnings growth rate of 5.2% for the current year. The Zacks Consensus Estimate for current-year earnings has been revised 3.1% upward in the past 30 days.
Standard Motor’s earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average being 40.34%. SMP has increased 1.3% over the past year.
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