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Cummins Inc. (CMI) - free report >>
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Daimler to Recall More Than 1M Vehicles Over Air Bag Snag
Per Reuters, Daimler AG reported to globally recall more than 1 million Mercedes-Benz cars and sport utility vehicles due to possible air bag deployment issue.
The safety recall include 495,000 vehicles of the United States, 400,000 from Britain, 76,000 of Canada and a few hundred thousand from Germany. Daimler doesn’t have the exact count of total vehicles to be recalled.
The recalled vehicles include A, B, C models from the 2012-2018 period besides E-Class versions and CLA, GLA, GLC vehicles.
Daimler AG Price and Consensus
Daimler AG Price and Consensus | Daimler AG Quote
Air bags in the driver side front might accidentally deploy due to electrostatic discharge coupled with a broken clock spring and inadequate grounding of steering components. In order to fix the issue, dealers will add new grounding to the steering components.
Per Mercedes-Benz management in the United States, a few accidents with drivers having suffered minor bruises occurred due to this air bag deployment problem.
Earlier in July, the company recalled more than 3 million Mercedes-Benz diesel vehicles in Europe due to emissions concerns.
Price Performance
Shares of Daimler have gained 8.8% year to date, outperforming the industry’s 6.6% rally.
Zacks Rank & Other Key Picks
Daimler sports a Zacks Rank #1 (Strong Buy). Some other top-ranked auto stocks are Adient PLC (ADNT - Free Report) , Cummins (CMI - Free Report) and Continental AG (CTTAY - Free Report) holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here
Adient has an expected long-term earnings growth rate of 10.6%.
Cummins has an expected long-term earnings growth rate of 12%.
Continental has an expected long-term earnings growth rate of 7.1%.
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