Fiat Chrysler (FCAU) Stock Declines After Announcing 164,000 Vehicle Recall

NEW YORK (TheStreet) -- Fiat Chrysler (FCAU) shares are down 1.89% to $15.49 in afternoon trading on Wednesday after the automotive company announced the recall of 164,000 Jeep Cherokee SUVs due to a water leak problem.

The recall covers 2014 and 2015 year models as the company looks to install shields that stop water from leaking into the power rear lift gate controls.

The leaking water could potentially start a fire, which the company said happened in at least one reported instance.

Yesterday it was reported that the company may also be forced to recall over 600,000 Jeep Wrangler vehicles due to an airbag issue, according to the Associated Press.

U.S. safety regulators are investigating whether the airbags in 630,000 Wranglers made between 2007 and 2012 could potentially not inflate during a car crash.

The National Highway Traffic Safety Administration said that it has received over 200 complaints that the airbag warning light in the vehicles is on which indicates an electrical problem in the steering wheel.

The agency has not reported any injuries or fatalities related to the problem and Fiat said that it is cooperating with the investigation.

FCAU Chart FCAU data by YCharts

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