Automotive major Ford (NYSE:F) is recalling nearly 113,000 F-150 vehicles in the U.S., according to the National Highway Traffic Safety Administration (NHTSA). As reported by Reuters, the recall is associated with the rear axle hub bolt of the vehicles.
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Reportedly, the bolts can break, potentially leading to a crash. The development comes after Ford’s recent plans to slash the production of its F-150 Lightning pickup by nearly half in 2024. The company is expected to churn out only 1,600 F-150s per week beginning this month versus the previous 3,200 trucks per week.
While automakers adjust to the present market environment of lackluster customer demand, only half of Ford’s dealers are choosing to sell EVs this year. That’s down from nearly two-thirds of its dealers in the prior year, according to Oilprice.
Meanwhile, Ford recently halted the sale of its only remaining plant in India. The company announced an exit from India in 2021, but the scrapping of the deal has raised chatter about its potential re-entry into the lucrative Indian market.
What is the Target Price for F Stock?
Overall, the Street has a Moderate Buy consensus rating on Ford. Following a nearly 14% rise in Ford’s share price over the past month, the average F price target of $13.15 implies a modest 8.1% potential upside in the stock.
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