Auto Stock Roundup: Ford's $2.2B Pre-Tax Charge, Fiat-Foxconn JV & More
Zacks Investment Research | Jan 22, 2020 10:09PM ET
Auto recalls have been on the rise in recent years and the issue is unlikely to abate anytime soon. Three Japan-based auto giants — Toyota Motor (NYSE:TM) , Honda Motor (NYSE:HMC) and Nissan Motor (OTC:NSANY) — recently issued massive recalls over airbag woes. Toyota issued a recall of 3.4 million vehicles on a worldwide basis due to an electronic defect that could lead to problem in deployment of air bags in crashes. The recall, which covers 2.9 million U.S. vehicles, will include Corolla 2011-2019, Matrix 2011-2013, Avalon 2012-2018 and Avalon Hybrid vehicles 2013-2018.
Honda and Nissan also made a vehicle recall announcement in order to replace the risky Takata airbag inflators that could blow apart a metal canister, and hurl shrapnel at drivers and passengers. While Honda is set to recall about 2.7 million vehicles in the United States and Canada, Nissan will recall 346,000 vehicles worldwide.
Ford’s $2.2-billion pre-tax charge, Magna International’s 2020-2022 outlook and Fiat-Foxconn JV were the other highlights of the week. Meanwhile, Tesla moved a step closer to open its first European Gigafactory with the German property deal. Tesla currently carries a Zacks Rank #2 (Buy). You can see Zacks Investment Research
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