Ford Motor Company (NYSE:F) is taking two significant steps to address safety and communication concerns within its vehicles. First, the automaker is recalling 175,500 Bronco models from 2021 to 2023 due to a seatbelt latch issue. According to a notice from the National Highway Traffic Safety Administration (NHTSA), the seat belt latch plates might be hard to access, posing a potential risk. To rectify the problem, Ford dealers will provide a free fix by adding a sliding clip latch stop to the driver and front passenger seat belts.
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The recall comes after Ford announced yesterday a reversal in the company’s previous decision to remove AM radio from its new vehicles. The decision followed discussions with government policy leaders worried about maintaining emergency alerts frequently broadcast on AM stations. Farley stated that the AM radio would be included in all Ford and Lincoln vehicles from 2024 and that current EV owners without AM functionality would receive a software update to restore it.
This decision came in the wake of a bipartisan group of federal lawmakers introducing the “AM for Every Vehicle Act” bill, citing public safety concerns. The bill proposes that AM radio be included in all new vehicles at no extra cost due to its vital role in delivering crucial information during emergencies, particularly in rural areas.
Turning to Wall Street, Ford stock has a Hold consensus rating based on five Buys, five Holds, and two Sells assigned in the past three months. Nevertheless, its average price target of $14.25 per share implies almost 26% upside potential.
