LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for automobile major Fiat Chrysler Automobiles N.V. (NYSE: FCAU), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FCAU. The Company announced the recall of 646,394 sports utility vehicles (SUVs) in the US to inspect a known potential issue with the brake-booster shields. The cars recalled are Dodge Durango and Jeep Grand Cherokee SUVs from the 2011 to 2014 model years. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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The press statement on October 03, 2017, explained the reason of the recall as the shields designed to protect the boosters from water intrusion were compromised. Water seepage inside could cause corrosion and/or freezing of brakes which will degrade the functioning of the brakes. The Company decided to take action when it became aware of a potential accident without injuries as reported. The Company explained that an actual potential booster issue will be preceded by a warning light possibly along with the activation of the anti-lock braking system. As per the Company through a compromised booster will still deliver brake function in compliance with the US federal safety standards except loss in excessive brake-pedal firmness.
The Company has exhorted the customers to contact their dealers in case they experience any such conditions. The same set of vehicles was recalled in 2014 and the shields were installed in conjunction with the changes that time when 95% of the vehicles were serviced. The Company upon review of warranty data found shields on some vehicles to have been installed improperly leading to an FCA US inquiry.
This new move of the Company comes after seven months of testing on the severity of the issue and post discussions with National Highway Traffic Safety Administration (NHTSA) on the concern of some dealers’ failure to install the shield correctly.
Fiat Chrysler has been in the news since July this year for recalling 1.33 million vehicles worldwide for potential fire risks and inadvertent airbag deployments. This had been caused by a wiring issue where five minor accidents had been reported.
The Company has been working with the quality check and testing issues and had also recalled 86,000 vehicles in October 2016.
The American automobile industry has been grappling with frequent and major vehicles recalls for a long time recalling 53.2 million vehicles in 2016 alone, according to the National Highway Traffic Safety Administration (NHTSA).
About the Company
Fiat Chrysler Automobiles designs, engineers, manufactures, distributes, and sells vehicles and components. It offers passenger cars, light trucks, and light commercial vehicles under the Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, and Ram brand names, as well as after-sales services and parts under the Mopar brand name. The company was founded in 1899 and is based in London, the United Kingdom.
Last Close Stock Review
At the closing bell, on Wednesday, October 04, 2017, Fiat Chrysler Automobiles’ stock marginally slipped 0.39%, ending the trading session at $17.89. A total volume of 2.82 million shares have exchanged hands. The Company’s stock price skyrocketed 61.90% in the last three months, 77.68% in the past six months, and 180.25% in the previous twelve months. Moreover, the stock soared 96.97% since the start of the year. The stock is trading at a PE ratio of 8.31 and currently has a market cap of $27.50 billion.
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