Ford Motor (NYSE:F)
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6 Months : From Apr 2019 to Oct 2019
By Chris Wack
Ford Motor Co. (F) said Wednesday that it was recalling about 1.2 million Explorers built in 2011 to 2017, as well as some 2013 F-150s and Econoline vans.
The auto maker said in a filing that the cost of the Explorer recall, to fix a potential rear-suspension fracture issue, will be incurred by its North America business unit, will be about $180 million and reflected in its second-quarter results.
The affected Explorers were built at Ford's Chicago assembly plant from May 2010 to January 2017 and includes 28,000 sold in Canada.
Ford also recalled about 123,000 select F-150 trucks built in 2012 to 2013 due to a transmission calibration issue and 4,300 Ford Econoline vans built in 2009 to 2015 for a motive power issue. The company issued a recall for the Taurus, Flex, Lincoln MKS and MKT in Canada for rear suspension issues, affecting about 12,000 vehicles.
Ford said that for the full year it continues to expect adjusted earnings before interest and tax to be higher than in 2018.
Ford also said a panel of three Federal Circuit judges Friday ruled against the company in a case with the U.S. Customs and Border Protection Agency regarding Ford Transit Connect vehicles.
The ruling requires Ford to pay a 25% duty applicable to cargo vehicles instead of the 2.5% duty toward passenger vehicles.
Ford said it is evaluating its options following the ruling.
Write to Chris Wack at firstname.lastname@example.org
(END) Dow Jones Newswires
June 12, 2019 10:21 ET (14:21 GMT)
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