Ford Motor Co (F) said last week that it would recall nearly 775,000 Explorer SUVs worldwide due to a steering issue, which reportedly led to six injuries in North America.
The recall covers 676,152 vehicles in North America, 59,935 vehicles in China and 38,600 vehicles in other parts of the globe, the auto maker said.
The recall will affect vehicles produced between 2013 and 2017 that may experience a seized cross-axis ball joint, which could fracture rear-suspension toe link, resulting in a significant reduction of steering control and increasing the risk of a potential incident.
Ford said that it would initiate owner notifications in late August.
Ford shares closed lower for a fourth consecutive trading session in New York on Friday. It has also been the steepest single-session loss since July 6th. The stock went down 2.86% ($0.40) to $13.61, after touching an intraday low at $13.58. The latter has been a price level not seen since May 26th ($13.10).
Shares of Ford Motor Company have risen 54.84% so far in 2021 compared with a 15.20% gain for the benchmark index, S&P 500 (SPX).
In 2020, Ford Motor Co’s stock went down 5.48%, thus, it underperformed the S&P 500, which registered a 16.26% gain.
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