Finance & Markets

Ford Recalls 550,000 Vehicles For Roll-Away Risk

Ford said on Wednesday it recalled about 550,000 sedans and SUVs in North America and said that the problem with gearshift could lead to moving vehicles.

The recall includes Ford Fusion cars from 2013 to 2016 and Ford Escape SUVs from 2013 to 2014. In the United States, about 504,000 cars with such hazardous flaw have been sold.

In the respective vehicles, the bush that links with the shifter cable to the transmission of the gear lever can come loose, says the company. Ford warned that when the driver puts the lever in the “Park” position, the cars can unexpectedly switch to a different gear. If the parking brake is not engaged, it may also roll away.

Ford noted that drivers can still take away the ignition key if the vehicles involved are stuck in different gear. There is also no warning message or a beep indicating that the car is not parked.

Ford state that, “It was not aware of any accidents or injuries related to this problem so far.”

A full repair will be done by the dealer, meanwhile vehicle owners are advised to use the parking brake, wherever required, Ford said.

In addition, the company has also approved the so-called economic loss of $299.1 Million, for 6 Million cars in the US with potentially defective Takata airbags, according to judicial documents filed on Monday in a federal court in Miami.

The resolution covers various forms of economic damage related to inflators, including accusations that vehicles were poorly represented; buyers had overpaid for the defective cars with poor-quality airbags and went through out of pocket expenses to deal with the recall.

Six automakers have already accepted to pay the loss worth more than $1.2 Billion, including Subaru Corp, Honda Motor Co, Mazda Motor Corp; Toyota Motor Corp, BMW AG, and Nissan Motor Co.

Arpit Mehta

Arpit is a well ripened fruit in the field of finance and markets. When it comes to numbers, nobody can catch this guy’s hand. Needless to say that he does not require a calculator, he himself is the calculator for the Market Global News’ team. In his free time, you will find him grabbing a cup of coffee with his friends.

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