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Ford recalls 700,000 cars

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Miguel A. Rodriguez
Miguel A. Rodriguez
02 October 2020
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  


This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.