Stellantis recalls 1.2 million Ram trucks

The Street

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why1.2 million Ram trucks are being recalled.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05Wall Street is licking its wounds after the worst week for the S&P 500 and the Dow since 2023

00:11and the biggest weekly loss for the Nasdaq since 2022.

00:15Investors hope it's not too late for the Federal Reserve to avoid an economic recession by cutting interest rates.

00:21Markets are expecting a small interest rate ease when the Fed meets in September.

00:27In other news, Stellantis, the parent company of Chrysler, Dodge and Jeep, is dealing with a number of auto recalls.

00:34The most crucial one involves the anti-lock braking system on the Dodge Ram 1500 pickup truck.

00:39The recall, which impacts more than 1.2 million vehicles, covers models from 2019 and 2021 through 2024.

00:48Stellantis said it issued the recall because these, quote,

00:52may be equipped with ABS module software that could inadvertently disable the electronic stability control system.

00:58Stellantis admits the software glitch not only affects these two functions,

01:02but also impacts the adaptive cruise control and forward collision warning systems as well.

01:08These are not the first Ram trucks to be recalled due to this problem.

01:12In June, Stellantis issued a recall for Ram 2500 pickup trucks due to a similar issue.

01:18But it's not just Ram trucks facing a quality issue.

01:21Stellantis is recalling some Jeep Gladiators from the 2020 to 2024 model years and Jeep Wranglers going all the way back to 2018.

01:31According to the National Highway Traffic Safety Administration,

01:34the instrument panel clusters on these vehicles are at risk of an internal short circuit and failure.

01:40According to NHTSA's website, Stellantis has issued 44 official recalls so far in 2024.

01:47Second only to Ford's, 48.

01:50That'll do it for your daily briefing from the New York Stock Exchange.

01:53I'm Conway Gittens with The Street.

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