The stock of Ford Motor Company (NYSE:F) closed at $12.66 gaining 1.28% in yesterday’s trading session. Investigations are currently underway and the Federal safety officials want to know if widening the Ford Motor transmission recall is what it takes to fix about a million additional vehicles.
An official familiar with the matter said, “Ford recalled 153,000 vehicles in 2016 because their automatic transmissions could unexpectedly shift into first gear, causing drivers to lose control. The recall involved certain F-150 pickups, Ford Expedition and Lincoln Navigator SUVs and Ford Mustang sports cars from the 2011 and 2012 model years.”
The National Highway Traffic Safety Administration has disclosed that it has at the moment launched investigations in a bid to establish whether or not Ford needed to have included up to 1.4 million F-150s, Expeditions and Navigators from the 2013 models. The government has spoken in relation to the matter outlining that with the passage of time it had come across numerous complaints and they never seemed to end. Some of the owners said that the recall repair by Ford wasn’t working.
In its most recent statement, Ford disclosed that it was willing to cooperate with the federals in the investigations. An official working with the Company in one of the interviews asserted that they were an established company with an image to protect. He moved further to say that they it wasn’t possible that they would have moved ahead to destroy a name they had struggled to make for many years.
To someone who knows pretty little about Ford might find it difficult to figure out just how the company will be able to solve the issue at hand.
If there is anything that Ford is widely known for is its business strategies and they way it usually moves around problems. This business guru has been through even more difficult times before, but it has its own way of maneuvering around matters to ensure that it emerges victorious. The current challenges might seem monumental, but the company continues to exude confidence that it makes in through.