Nearly 49,000 Ford Motor Company’s F Mustang Mach-E models that were a part of the Jun 10, 2022, recall are under investigation by the National Highway Traffic Safety Administration (NHTSA). The safety regulator will investigate whether the recall concerns have been adequately addressed and whether they should be expanded to more vehicles.

The 2021-2022 Mustang Mach-E models were recalled due to an issue with the high-voltage battery main contactors, which were suspected of overheating from DC fast-charging and repeated wide-open pedal events, resulting in an immediate loss of propulsion power and consequently increasing the risk of a crash.

The automaker halted deliveries to dealerships last year. The fix included two software updates to monitor contactor temperature and reduce battery power to limit the damage. The company also issued a technical service bulletin to replace the unit on impacted Mach-E models.

The NHTSA Office of Defects Investigation said that it opened a recall query for 64,727 Mach-E vehicles after receiving 12 customer complaints. Per the complaints, the customers continued to experience the issue even after receiving the fix. One Mach-E owner reported that two days after receiving the software update, the vehicle’s high-voltage battery junction box failed again.

Another incident involved a family driving from the San Francisco Bay Area to Los Angeles and the car exhibited a “Service Vehicle Soon” warning and was limited to only 30% of available power until they arrived at a dealership.

A Mach-E driver in Florida told NHTSA that shortly after charging, the screen panel said, “safely stop now” and the car came to a complete stop within a few seconds in the middle of a highway on-ramp. After several hours, the driver was able to restart the vehicle and travel for three miles before it stopped again.

Ford said that it is working with NHTSA to support their investigation.

Per NHTSA, until now, Ford has issued 38 recalls this year, more than any other automaker.

Zacks Rank & Key Picks

F currently carries a Zacks Rank #3 (Hold).

Some top-ranked players in the auto space include Oshkosh Corporation OSK, Allison Transmission Holdings, Inc. ALSN and Gentex Corporation GNTX, each sporting a Zacks Rank #1 (Strong Buy).

The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by $1.52 in the past 30 days. The 2024 EPS estimate has moved up by 12 cents in the past seven days.

The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies a year-over-year increase of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 39 cents in the past 30 days. The 2024 EPS estimate has moved north by 43 cents in the past 30 days.

The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings implies year-over-year growth of 17.3% and 29.4%, respectively. The EPS estimate for 2023 has moved up by 9 cents in the past 30 days. The 2024 EPS estimate has moved north by 9 cents in the past 30 days.
Ford Motor Company (F): Free Stock Analysis Report

Allison Transmission Holdings, Inc. (ALSN): Free Stock Analysis Report

Oshkosh Corporation (OSK): Free Stock Analysis Report

Gentex Corporation (GNTX): Free Stock Analysis Report

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