Chrysler Announces Huge Jeep ‘Roll Away’ Recall

by Christopher Freeburn | May 13, 2013 9:50 am

Chrysler Announces Huge Jeep ‘Roll Away’ Recall

2014 cherokee 300x200 Chrysler Announces Huge Jeep Roll Away Recall[1]The nation’s third largest automaker has issued a global recall for 469,000 SUVs due to a defect that could cause them to shift into neutral without drivers’ knowledge[2].

On Saturday, Chrysler, owned by Italy’s Fiat (PINK:FIATY[3]) is recalling Jeep Grand Cherokees with model years between 2005 and 2010, and 2006 to 2010 Jeep Commanders over a problem with circuit boards that can signal the cars to randomly shift gears into neutral. The company has received reports of 2 injuries and 26 accidents linked to the malfunction, Reuters noted.

About 295,000 of the vehicles were sold in the U.S. Another 32,700 were sold in Canada and Mexico. The remainder were sold in overseas markets.

In a separate — and much smaller recall — Chrysler recalled 532 Ram 1500 pickup trucks from model year 2013 over potentially faulty windshield defrosting equipment. No accidents or injuries have been associated with the Ram 1500 equipment problem.

Last month, automaker recalled 247,000 cars and SUVs[4] due to broken drive shafts, faulty gas hoses and malfunctioning air bag warning lights systems.

In November, Chrysler was forced to recall 900,000 Cherokee and Liberty SUVs[5] due to defective airbag systems.

Shares of Fiat sank more than 1% in Monday over-the-counter trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2013/03/2014-cherokee.jpg
  2. shift into neutral without drivers’ knowledge: http://www.nbcnews.com/business/chrysler-recalls-469-000-suvs-over-gearshift-problem-1C9893923
  3. FIATY: http://studio-5.financialcontent.com/investplace/quote?Symbol=FIATY
  4. recalled 247,000 cars and SUVs: http://investorplace.com/2013/04/chrysler-recalls-247000-vehicles/
  5. was forced to recall 900,000 Cherokee and Liberty SUVs: http://investorplace.com/2012/11/jeep-recalls-more-than-900000-vehicles/

Source URL: http://investorplace.com/2013/05/chrysler-announces-huge-jeep-roll-away-recall/
Short URL: http://invstplc.com/1fuqgdd