Honda Recalls 1.7M Vehicles Over Steering Gearbox Defect
Portfolio Pulse from Lekha Gupta
Honda Motor Company (NYSE:HMC) is recalling 1.7 million vehicles due to a defect in the steering gearbox, causing increased friction and potential crash risks. This follows previous recalls for airbag and fire risks. HMC shares are down 1.72% premarket.
October 09, 2024 | 12:55 pm
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NEGATIVE IMPACT
Investors can gain exposure to Honda through the SPDR S&P Kensho Smart Mobility ETF (NYSE:HAIL), which may be indirectly affected by Honda's recall news.
HAIL, an ETF with exposure to Honda, may see indirect effects from the recall news, as Honda's share price drop could impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Honda is recalling 1.7 million vehicles due to a steering gearbox defect, leading to increased friction and potential crash risks. This has caused HMC shares to drop 1.72% premarket.
The recall of 1.7 million vehicles due to a steering defect is a significant issue for Honda, impacting investor confidence and leading to a premarket share price drop. This follows previous recalls, compounding concerns.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100