The automotive industry is still feeling the pandemic's effects
Ford– one of the largest carmakers in the world, announced that it would recall vehicles from North America, Canada, and Mexico.
According to the company's announcement, more than 700,000 cars are being recalled due to a fault in their backup cameras, which could cause the camera to show distorted images or suddenly go dark.
The recall begins on November 7, and any vehicle changes will be cost-free. Besides the camera-malfunction, Ford recalls vehicles produced in 2019 that turned out to be equipped with faulty axle assemblies, which could impact vehicle control and cause crashes. So far, no injuries or accidents have been reported.
The US automotive industry has been hit particularly hard by the pandemic. In Q3, auto sales are down by 9.7% compared to last year's numbers. Automakers reported that people are currently focusing on more expensive trucks, loaded with options, and are willing to pay a higher price for them.
During the pre-market trading session, the Ford stock price traded almost 2% lower.
Sources: marketwatch.com, thestreet.com
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