Ford Motor Co. (F) – Get Ford Motor Company Report would probably like to hide under the hood of its vehicles lately, but that might not be such a good idea with the all bad luck the automaker has faced with its vehicles.
The Dearborn, Mich., company on July 8 issued a safety recall of a total of 100,689 of its 2020-2022 Corsair, Escape and Maverick vehicles with 2.5 liter HEV/PHEV engines because of an under hood fire hazard, according to a statement it sent to UPI.
“Ford is issuing a safety recall for certain vehicles with 2.5-liter HEV/PHEV engine because in the event of an engine failure, significant quantities of engine oil and/or fuel vapor may be released into the under hood environment and may migrate to and/or accumulate near ignition sources resulting in potential under hood fire, localized melting of components, or smoke,” Ford said in the statement.
Automaker Will Inform Vehicle Owners of Recall
Ford said it notified dealers on July 8 and will inform vehicle owners Aug. 8 that dealers will fix the problems by modifying the under engine shield and active grille shutter on affected vehicles. It said isolated engine manufacturing issues resulted in 2.5 liter HEV/PHEV engine failures involving the engine block or oil pan breach.
Ford’s July 8 safety recall coincided with its announcement on the same day that it had identified a remedy for customers affected by a separate under hood fire recall of certain 2021 Ford Expedition and Lincoln Navigator SUVs. The automaker is advising customers to park their vehicles outside and away from structures until a dealer services their vehicle for the recall. It said the vehicle may pose a risk of under hood fire, including while the vehicle is parked and shut off.
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The automaker on May 19 issued a recall of some 66,221 of its 2021 Expedition and Lincoln Navigator SUVs. Since May, it received reports of 21 under hood fires in the vehicles, including 18 incidents in vehicles owned by auto rental companies. Repairs involving battery injunction boxes that may have melted can be done immediately, Ford said. Repairs on 700-watt cooling fan systems may begin in early September when parts for those repairs will be available.
Ford believes the cause of these vehicle fires can be traced to a change in manufacturing location by a supplier during the covid-19 pandemic, the statement said. Printed circuit boards produced at this facility are uniquely susceptible to a high-current short and were supplied to Ford and installed in Expedition and Navigator SUVs produced during the recall window.
Vehicle Owners Can Still Drive Cars
Ford said it has not issued instructions to stop driving vehicles under the recall and is not aware of any accidents related to this issue. The company said it is aware of one reported injury.
The automaker on June 15 also issued a safety recall on 48,924 of its Mustang Mach-E electric vehicles for a software update to prevent overheating of the vehicles’ high-voltage battery main contractors. The issue can cause an overheated relay switch to open while driving and result in a loss of motive power, which can increase the risk of an accident.
Ford had not issued instructions to stop driving the Mustang Mach-E under the recall. The three recalls amount to a total of 215,834 vehicles.
BofA Securities maintains Amazon.com at ‘buy’ with a price target of $154.00
Six people in critical condition, one still missing after Paris blast – prosecutor
© Reuters. French firefighters and rescue forces work after several buildings on fire following a gas explosion in the fifth arrondissement of Paris, France, June 21, 2023. REUTERS/Gonzalo Fuentes
PARIS (Reuters) – Six people remained in a critical condition and one person was believed still missing on Thursday, one day after a blast ripped through a street near Paris’ historic Latin Quarter, the city’s public prosecution office said. “These figures may still change,” prosecutor Maylis De Roeck told Reuters in a text message, adding that around 50 people had been injured in the blast, which set buildings ablaze and caused the front of one to collapse onto the street. Of two people initially believed missing, one has been found in hospital and is being taken care of, the prosecutor said, adding: “Searches are ongoing to find the second person.” Authorities have not yet said what caused the explosion, which witnesses said had followed a strong smell of gas at the site. The explosion led to scenes of chaos and destruction in the historic Rue Saint Jacques, which runs from the Notre-Dame de Paris Cathedral to the Sorbonne University, just as people were heading home from work. It also destroyed the facade of a building housing the Paris American Academy design school popular with foreign students. Florence Berthout, mayor of the Paris district where the blast occurred, said 12 students who should have been in the academy’s classrooms at the time had fortunately gone to visit an exhibition with their teacher.
“Otherwise the (death toll) could have been absolutely horrific,” Berthout told BFM TV. She said three children who had been passing by at the time were among the injured, although their lives were not in danger.
4 big analyst cuts: Alcoa & DigitalOcean shares drop on downgrades
Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Alcoa, DigitalOcean, Teleflex, and Xcel Energy.InvestingPro subscribers got this news in rapid fire. Never be left in the dust again.Alcoa stock drops on Morgan Stanley downgrade Alcoa (NYSE:) shares fell more than 3% pre-market today after Morgan Stanley downgraded the company to Underweight from Equalweight and cut its price target to $33.00 from $43.00, as reported in real time on InvestingPro.The firm sees a significant decline in consensus estimates, and as negative earnings revisions materialize, it believes the stock will face downward pressure and underperform.The analyst’s estimates for EBITDA in Q2, 2023, and 2024 are substantially lower than the consensus. The stock is currently trading above its historical average. The firm said its downward revisions in earnings estimates and price target are attributed to the company’s high operating leverage to aluminum prices.DigitalOcean stock plunges on downgradePiper Sandler downgraded DigitalOcean (NYSE:) to Underweight from Neutral with a price target of $35.00. As a result, shares plunged more than 5% pre-market today.The company reported its last month, with revenue beating the consensus estimate, while EPS coming in worse than expected. Furthermore, the company provided a strong outlook, which was above the Street estimates.2 more downgradesTeleflex (NYSE:) shares fell more than 3% yesterday after Needham downgraded the company to Hold from Buy, noting that UroLift expectations may still be too high.According to Needham, their checks indicate that urologists are reducing their use of UroLift due to its retreatment rates, reimbursement cuts, and increasing use of competing procedures. This is also supported by their Google Trends data analysis, which indicates decreasing search interest in UroLift.BMO Capital downgraded Xcel Energy (NASDAQ:) to Market Perform from Outperform and cut its price target to $64.00 from $69.00 to reflect the lower-than-expected terms of the company’s regulatory settlement in Colorado.Amid whipsaw markets and a slew of critical headlines, seize on the right timing to protect your profits: Always be the first to know with InvestingPro.Start your free 7-day trial now.
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