Ford Motor Co. (NYSE:F) is reportedly opposed to attending a Senate committee hearing on vehicle safety features like automatic emergency braking, led by Sen. Ted Cruz (R-TX) next month.
Check out the current price of F stock here.
Ford Cites Subject Matter, Scheduling Conflicts
The Dearborn, Michigan-based automaker has cited multiple reasons for its opposition to the hearing, including the subject matter of the hearing, as well as scheduling conflicts, The Detroit Press reported on Monday. The hearing will coincide with the Detroit Auto Show, the report said.
Ford didn’t immediately respond to Benzinga‘s request for comment.
The automaker, in a letter to the committee via its attorney cited in the report, also called for equal treatment, saying that it believes it is essential to “ensure comparable treatment for similarly situated companies.”
Ford’s comments come as the hearing has required CEOs of the Detroit three to be present, but the committee has invited Tesla Inc.‘s (NASDAQ:TSLA) VP of Engineering, Lars Moravy, instead of CEO Elon Musk. “The other companies should have the opportunity to offer a similar witness,” Ford said in the letter, the report suggests.
The hearing is expected to deal with safety features like rear seat occupant alert and automatic emergency braking, touting them as redundant features driving up vehicle costs.
Trump Rolls Back CAFE Norms
The news comes as Trump rolled back Corporate Average Fuel Economy (CAFE) standards in the U.S., touting it as a move that will promote affordability in the auto sector. Ford CEO Jim Farley hailed the move that will lead to more focus on U.S.-made products.
The move was also hailed by Sean Duffy, Trump’s Transportation Secretary, as well as Cruz, who also said that it would promote better safety in the auto industry, as well as drive down vehicle costs.
Ford Recalls
On the other hand, the automaker’s recall woes continue into the end of the year as Ford recalled over 270,000 units from the 2022–2026 F-150 Lightning BEV models, 2024–2026 Mustang Mach-E vehicles, and 2025–2026 Maverick models due to a roll-away risk.
Ford scores well on Momentum, Quality and Value metrics. It also has a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Price Action: According to Benzinga Pro data, F surged 0.07% to $13.24 at market close.
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