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Financial News Network
August 02, 2011 AT 1:08 AM
Ford Motor Co.(NYSE:F) announced that it is recalling 1.1 million pickup trucks because the gas tanks can fall off and start a fire.The company is recalling specific Ford F-150, F-250 and Lincoln Blackwood pickups. The recall affects certain models from the 1997 model year through the 2004 model year. They were sold in cold-weather states that use salt to clear roads. That salt can decay the straps holding the tanks in place.The National Highway Traffic Safety Administration reported Monday on its website that the straps holding up the tanks can rust, causing them to fall to the ground. The tanks can then rupture and start a fire.Ford reported eight separate incidents, resulting in three injuries.Ford's F-Series pickup is traditionally the top selling vehicle in the U.S.Ford Motor has a potential upside of 61.1% based on a current price of $12.36 and an average consensus analyst price target of $19.91.