As if Fiat Chrysler (FCAU) - Get Fiat Chrysler Automobiles N.V. Report didn’t have enough problems created by the coronavirus pandemic, on Thursday it announced it was voluntarily recalling 67,248 Jeep Cherokee SUVs to fix transmission software.
As the Associated Press described it, the “transmission problem can cause the small SUVs to lose power unexpectedly. Also, when drivers shift into park, the transmissions may not go there, increasing the risk of a rollaway crash.”
The company said in a statement that it’s aware of just one accident related to the problem, but no injuries.”
The recall applies to model-year 2014-2017 Jeep Cherokee SUVs equipped with a two-speed power transfer unit.
With the fix, “should the above driveline failure occur, a warning lamp will illuminate in the vehicle’s instrument cluster and the updated software will deliver propulsion by engaging rear-wheel-drive, as needed,” the company said.
In addition, “should PARK not engage as intended, the software will also help secure the vehicle by automatically applying its parking brake.”
Fiat Chrysler said it will begin mailing recall notices next month.
The company’s stock has plummeted 37% so far this year as the coronavirus pandemic has severely limited production and demand for its vehicles.
Fiat Chrysler posted a net loss of 1.69 billion euros ($1.84 billion), or 1.08 euros a share, for the first quarter compared with a profit of 508 million euros, or 32 cents, in the year-earlier quarter. Revenue slid 16% to 20.57 billion euros.
Fiat Chrysler shares recently traded at $9.35, up 0.21%, and have climbed 19% over the past three months.