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4-Traders Homepage  >  Equities  >  Nyse  >  Ford Motor Company    F

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Ford to petition to avoid U.S. recall of 2.5 million vehicles

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07/21/2017 | 12:26pm EDT
The logo of Ford is seen during the 87th International Motor Show at Palexpo in Geneva

Ford Motor Co (>> Ford Motor Company) will petition to avoid a U.S. recall of about 2.5 million vehicles with Takata (>> Takata Corporation) air-bag inflators that the Japanese auto supplier declared defective last week, U.S. regulators and the automaker said Friday.

Ford Motor Co (>> Ford Motor Company) will petition to avoid a U.S. recall of about 2.5 million vehicles with Takata (>> Takata Corporation) air-bag inflators that the Japanese auto supplier declared defective last week, U.S. regulators and the automaker said Friday.

Separately, the National Highway Traffic Safety Administration said Nissan Motor Co had agreed to recall 515,394 2007-2011 Versa cars after Takata declared 2.7 million vehicles to have potentially defective inflators.

Ford spokesman John Cangany said the automaker will file a petition requesting "to continue testing and analyzing our inflators." NHTSA said the petition will seek an exemption from the recall because Ford believes the issue is inconsequential.

Ford said the issue covers 2.5 million vehicles, including the 2007-11 Ranger, 2006-12 Fusion and Lincoln MKZ, 2006-2011 Mercury Milan and 2007-10 Ford Edge and Lincoln MKX. Ford previously said it covered about 2.2 million vehicles.

Last week, NHTSA said that new testing prompted Takata to declare inflators defective in Ford Motor Co, Nissan Motor Co and Mazda Motor Corp (>> Mazda Motor Corp) vehicles in some driver-side air bags built from 2012 through 2015.

NHTSA said in a statement Friday that "testing data shows that the propellant in this inflator is degrading and on the path toward potential ruptures in the future. There are no reported ruptures in the real-world or in testing."

Takata air bag inflators are already linked to 17 deaths and more than 180 injuries worldwide, and the recalls will eventually cover about 125 million inflators.

Nissan said last week it would recall 627,000 Versa cars from 2007-2012 model years, including 515,000 in the United States "out of an abundance of caution."

Nissan said testing of 895 inflators showed no ruptures, while one "exhibited an elevated internal pressure." Takata said the inflators potentially could rupture "after several years of exposure to high absolute humidity."

Mazda said last week the issue impacts just 6,000 B-series trucks. The company also plans to file a petition to avoid a recall, NHTSA said.

The automakers have 30 days to submit the petition and then NHTSA will take public comment before making a decision.

More than 65 percent of 46.2 million previously recalled Takata airbag inflators in the United States have not been repaired. The issue is the largest-ever auto-safety recall, covering 17 automakers.

Takata filed for bankruptcy protection in June.

(Editing by Bernadette Baum)

By David Shepardson

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Financials ($)
Sales 2017 142 334 M
EBIT 2017 5 760 M
Net income 2017 6 135 M
Finance 2017 9 580 M
Yield 2017 6,05%
P/E ratio 2017 7,54
P/E ratio 2018 7,17
EV / Sales 2017 0,26x
EV / Sales 2018 0,34x
Capitalization 46 589 M
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Technical analysis trends FORD MOTOR COMPANY
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Mean consensus HOLD
Number of Analysts 25
Average target price 12,7 $
Spread / Average Target 8,1%
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Managers
NameTitle
James P. Hackett President, Chief Executive Officer & Director
William Clay Ford Executive Chairman
Robert L. Shanks Chief Financial Officer & Executive Vice President
Jeff Lemmer Vice President & COO-Information Technology
Ken Washington Chief Technology Officer
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