Ford Motor Company (NYSE:F) Along with General Motors (NYSE:GM) Facing Little Tough Time on New Policies
Ford Motor Company (NYSE:F) surged 0.66% to trade at $11.33 with the total traded volume of 6.48 Million shares. The U.S. government’s auto safety agency is reviewing a Ford Motor Co. (F) recall of thousands of cars, SUVs and vans that can run low on coolant and potentially overheat and catch fire after the company proposed a remedy that doesn’t fix the coolant problem.
Ford (F) informed agency about the recall, which has caused 29 engine fires, in paperwork dated previous week. The automaker declared that it would install a sensor that warns owners when coolant is low in the 1.6-Liter turbocharged engines. The sensor does not solve the underlying problem of vanishing coolant. The National Highway Traffic Safety Administration said Tuesday it is reviewing the recall. “The agency will take appropriate action as necessary,” an agency spokeswoman said in a statement. She would not provide further details. The agency confirmed the review after The Associated Press raised questions about Ford’s remedy.
NHTSA could determine that the fix solves the fire problem, or it could open an investigation to see if more repairs are needed. Experts say coolant shouldn’t become depleted in newer cars, and that Ford may be cutting costs by shifting accountability for the problem to owners. Coolant could be leaking from a number of places, or the engine could be burning it, both of which could cause important engine trouble down the road, especially if owners don’t religiously watch coolant levels and act immediately if they get low.. The firm’s shares performance for the last one month was -9.63% and -3.60% in the previous week, whereas year to date performance was calculated -5.68%.
General Motors Company (NYSE:GM) stock trading at $34.35 in last trading day. Stanadyne LLC was hired a GM Supplier of Year by General Motors (GM) during its 25th annual Supplier of the Year awards ceremony held Friday, March 31 in Orlando, Florida.
GM recognized 118 of its best suppliers from 15 countries that have consistently exceeded GM’s expectations, created outstanding value or brought new innovations to the company. The announcement represented the most suppliers GM has recognized since debuting the Supplier of the Year event in 1992.
GM VP, Global Purchasing and Supply Chain, Steve Kiefer declared that they are focused on building positive supplier relationships, bringing new, consumer-centric innovations to GM and being the OEM of choice among suppliers. “The companies we recognize tonight not only have brought innovation, they delivered it with the quality our consumers deserve.” More than half of the suppliers are repeat winners from 2015. Winning suppliers were chosen by a global team of GM purchasing, engineering, quality, manufacturing and logistics executives and selected based on performance criteria in Product Purchasing, Indirect Purchasing, Consumer Care and Aftersales, and Logistics. “This award is the result of focusing on quality and precision in every aspect of our business,” says Dave Galuska, Stanadyne CEO. “It represents our team’s collaborative passion to make innovative fuel systems and deliver an exceptional consumer experience.” The stock has a 52-week high price of $-9.97% and its 52-week low was recorded at $29.86%.