Ford Motor Company (NYSE: F) stock tumbles as NHTSA launches a probe into fuel leak risks for 42,652 Ford SUVs.
The National Highway Traffic Safety Administration has launched an inquiry into the recall of 42,652 Ford SUVs, citing risks of fuel leaks that could potentially lead to fires, Reuters reports.
The NHTSA’s recall inquiry focuses on the 2022 and 2023 models of the Ford Bronco Sport and the 2022 Ford Escape. The investigation was triggered when safety regulators deemed the proposed solution to the problem inadequate, Reuters added.
The NHTSA has zeroed in on a potential fuel leak in certain vehicles attributed to a cracked fuel injector. Ford, in response, issued a recall in March for models with 1.5-liter engines to implement an engine control software update and install a drain tube. However, the initial recall did not include the replacement of the cracked fuel injector, a point noted by the NHTSA.
On April 10, Ford issued a recall for 42,652 Bronco Sport and Escape vehicles in the U.S. The recall was due to broken fuel injectors that could leak and cause a potential fire.
The National Highway Traffic Safety Administration stated the intention of Ford to integrate fuel injector leak detection into engine control software and install a drain tube.
Ford (NYSE: F) Stock Reaction
Ford stock fell 3.30% to close at $12.61 on Friday. The traders had exchanged hands with 52,275,810 (52.27 million) shares compared to the average daily trading volume of 54.34 million.
