Stock markets are stabilizing after Monday's coronavirus-related sell-off. This isn't helping one stock however -- Ford (NYSE:F) -- which is seeing its stock slide in response to a trio of safety recalls announced Tuesday morning.
In the largest of the recalls, dubbed a "safety compliance recall," Ford stated that although it "is not aware of any reports of accident or injury related to this condition," it is recalling a total of 217,185 F-150 vehicles of model years 2018 to 2020, sold in the U.S. and Canada, for defects in their headlights.
"When the daytime running lamps on affected vehicles are illuminated and the master lighting switch is manually rotated from the autolamp position to the headlamp-on (low-beam) position," explains Ford in a press release, "the daytime running lamps remain activated instead of dimming to parking lamp intensity as required by federal motor vehicle safety standards. This may reduce the visibility of other drivers, increasing the risk of a crash."
Translation: When you turn your headlights "on," they actually turn "on" even if it is light outside. That may sound reasonable. But because the government wants them to dim, this is considered a safety hazard -- and so Ford feels compelled to recall the trucks and fix it.
In a separate recall classified as a "safety recall," the truck company is recalling 33,533 U.S. and Canadian F-150s from model years 2015 to 2016, "equipped with engine heater elements and 3.5-liter GTDI engines." Some of these vehicles "may have cables with insufficient heat protection and incorrect length" which, when plugged into an electrical outlet, could short circuit.
Finally, Ford is recalling 326 F-Series Super Duty trucks and E-Series vans that were shipped with "an inadequate amount of axle lubricant."
Shares of Ford stock are down 1.3% as of 11:10 a.m. EST.