Stellantis Stock Drops to Multiyear Low After Recall

Dow Jones
08/18

Stellantis shares neared a 13-year low Monday after the struggling maker of Jeep and Chrysler said it is recalling nearly a million vehicles worldwide because of potentially faulty rear-view cameras.

Radio software in the vehicles may prevent the cameras from appearing, the company said. It said it plans to fix the problem with an over-the-air update and is unaware of any accidents or injuries.

U.S.-traded shares fell more than 4% in afternoon trading. The stock, down nearly 50% from a year ago, was recently trading at $5.12, on track for its lowest close since December 2013.

Most of the 955,000 vehicles involved in Monday's recall involved Chrysler, Dodge and Jeep models in the U.S., the company said. U.S. vehicle-safety regulators have mandated rear-view cameras for all light-duty vehicles since 2018.

The recall compounds a bruising couple of years for the automaker as it races to turn around a sprawling, global business hampered by years of missteps.

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