Why Ford Stock Dropped Today
Shares of Ford Motor Company (NYSE: F) slumped in afternoon trading Friday, falling 4.6% through 12:30 p.m. ET after the automotive giant announced a recall of more than 1.5 million vehicles.
In the larger of two recalls adding up to a total 1.5 million, Ford recalled 1.3 million Ford Fusion and Lincoln MKX midsize cars from model years 2013 through 2018, reported AP this morning. The issue prompting this recall involved front brake hoses that can rupture and leak brake fluid, making it harder for a driver to slow or stop. Ford is offering to replace any defective hoses.
So far, just one crash has been reported in relation to the defect. Ford says it expects only about 2% of the vehicles that are recalled to actually require replacement.
Source Fool.com
