Ford Motor Company (NYSE: F ) The stock fell 13.8% this week, according to data provided S&P Global Market Intelligence. This may not be surprising, considering oil prices rose by the largest weekly amount in futures trading history.
A 35% jump in U.S. oil prices sent stocks of automakers, cruise line operators, and airlines soaring. But there was also a company-specific reason that Ford stock fell as much as it did.
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Ford announced it is recalling nearly 2.4 million vehicles this week. According to the National Highway Traffic Safety Administration, the recalls are primarily related to failures in the rearview camera and windshield wiper problems.
This adds to news last month that Ford recalled 4.3 million vehicles for safety issues involving towing trailer lights and brakes. This can be fixed with over-the-air software updates, but it still affects Ford’s margins and reputation.
In 2022, the company brought a “quality czar” on board to lead enhancement initiatives. Jim Bombeck was selected for the position to oversee the company’s efforts to improve vehicle quality and address quality-related challenges. However, despite CEO Jim Farley’s drive to improve quality, problems persist.
Investors’ sell-off over the course of the week only added to the momentum of the recall, fueled by uncertainty over conflicts in the Middle East and worries about rising oil prices.
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