Jim Cramer Struggles With Ford Stock
On Wednesday Ford said that it would recall more than 700,000 vehicles in North America due to a fault in their backup cameras, which could show distorted images or suddenly go dark.
The affected vehicles have insufficient electrical conductivity within the printed circuit board internal to the camera. That is causing this distortion and prompted the safety-compliance recalls, the company said in a statement.
The cars affected include 620,246 vehicles in the U.S. and federal territories, 76,566 in Canada, and 4,302 in Mexico.
Ford is recalling most 2020 versions of Ford’s F-Series trucks, 2020 Explorer, Mustang, Transit, Escape, Expedition, Ranger, and Edge.
And Ford has tapped its self-driving chief executive as its CFO.
Ford named John Lawler, 54, as chief financial officer.
Lawler had been chief executive of Ford Autonomous Vehicles and vice president of mobility partnerships.
He succeeds Tim Stone, who was named chief operating officer and CFO at Asapp, the New York provider of an artificial-intelligence-driven customer-care platform.
He has spent much of his 30 years at Ford in finance leadership and general management. He completes a new top tandem in the executive suite, joining Jim Farley, who began his tenure as Ford’s CEO Thursday.
"We are going to compete like a challenger – allocate capital to higher growth and return opportunities to create value," Farley said.
So, what does Jim Cramer make of Ford?