Ford issues recall for Explorers, announces name of electric F-150

Ford Motor Company (NYSE:F) has recalled over 660,000 Explorer SUVs. The National Highway Traffic Safety Administration asked the automaker to recall some Explorer and Police Interceptor SUVs due to issues with the roof rail covers, which could detach and create a road hazard. Q1 2021 hedge fund letters, conferences and more Ford confirms recall of […]
Ford issues recall for Explorers, announces name of electric F-150
Image credit: lukpixaby / Pixabay via Valuewalk

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This story originally appeared on ValueWalk

Motor Company (:F) has recalled over 660,000 Explorer SUVs. The National Highway Traffic Safety Administration asked the automaker to recall some Explorer and Police Interceptor SUVs due to issues with the roof rail covers, which could detach and create a road hazard.

 

Q1 2021 hedge fund letters, conferences and more

Ford confirms recall of Explorer, Police Interceptor SUVs

According to the Detroit Free Press, it's been about a year since the NHTSA flagged issues with the roof rail covers. The problem is that some pins that hold the covers on could become loose, allowing them to detach.

Ford announced the recall on Monday. It affects model years 2016 to 2019 built at the assembly plant in . The recall applies to more than 620,000 in the U.S. and U.S. territories, more than 36,000 in Canada and more than 4,000 in . Ford dealers will add plastic pushpins to secure the roof rails and replace any rail clips and covers that have been damaged.

"A roof rail cover that detaches while driving can create a road hazard for other road users, increasing the risk of a crash," federal regulators warned in a filing dated May 5.

Ford said it isn't aware of any injuries or accidents resulting from the defect. Dealers will receive notifications about the recall, while customers will start receiving notifications on June 28, ending by July 2. The affected vehicles are the base models, XLT or sport trim levels with roof rail covers in silver, black or absolute black.

Ford releases the name of the new F-150 electric pickup

In other Ford news, the automaker has released the name of its upcoming F-150 electric pickup truck. It will be called the Lightning, a name it used for its street performance in the 1990s and early 2000s.

On Monday, Ford released the truck's name, and it plans to unveil the truck at 9:30 p.m. Eastern on May 19. The automaker will reveal the new pickup truck at its world headquarters in Dearborn, Mich. and broadcast it on and in 18 high-profile public spaces like New York City's Times Square and Las Vegas Boulevard.

Ford will differentiate the F-150 Lightning from other electric pickup trucks like Tesla Inc (NASDAQ:TSLA)'s Cybertruck by making it a true work truck. CEO Jim Farley said in a that the F-150 Lightning will be able to "power your home during an outage" and that it's even faster than the original F-150 Lightning performance truck.

He also said it would improve "constantly" through over-the-air updates. Production is slated to begin in spring 2022 at the automaker's Rouge Electric Vehicle Center in Michigan, and the truck will start landing at dealerships by the middle of next year.

Ford is part of the Entrepreneur Index, which tracks 60 of the largest publicly traded companies managed by their founders or their founders' families.

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