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Fiat (FCAU) Recalls Trucks & SUVs Over Windshield Wiper Issue

Auto recalls have been on the rise in recent years and the issue is unlikely to wane any time soon. Reportedly, Fiat Chrysler Automobiles N.V. FCAU has recalled more than 550,000 pickup trucks and SUVs worldwide, in order to fix the windshield wiper issue that tends to become loose and stop the wipers from functioning properly. However, the company has no reports of crashes or injuries yet.

Most recalled vehicles are in the United States and Canada. The company’s latest move is expected to affect certain 2019 and 2020 Ram 1500 pickups, 1500 Classic pickups and Jeep Compass SUVs.

Customers whose wipers do not clear the windshield or return to the rest position after being turned off will need to contact dealers. The dealers will tighten the wiper nuts to fix the problem.

Earlier this month, the company also recalled 365,000 vehicles in North America over rear-view camera issues. The affected vehicles cover certain Ram pickups and Chrysler Pacifica, Dodge Durango, Jeep Grand Cherokee, Jeep Wrangler, and Jeep Renegade vans and SUVs from the 2019 and 2020 model years.

Meanwhile, Fiat is also implementing a number of actions to boost the firm’s cash position in the face of the rising uncertainty due to the coronavirus crisis. It recently completed the syndication of a €3.5-billion credit facility with a group of 13 banks, including two of the original underwriting banks.

The facility, with an initial 12-month term, can be extended for another six months. It adds to Fiat's existing credit facilities worth €7.7 billion, including lines for €1.5 billion, which the company has started to draw down to deal with the downturn caused by coronavirus.

Zacks Rank & Stocks to Consider

Fiat currently carries a Zacks Rank #5 (Strong Sell).

Some better-ranked stocks in the same sector are Weichai Power Co. WEICY, Veoneer, Inc. VNE and Denso Corp. DNZOY, each carrying a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 (Buy) Rank stocks here.

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Weichai Power Co. (WEICY) : Free Stock Analysis Report
 
Denso Corp. (DNZOY) : Free Stock Analysis Report
 
Fiat Chrysler Automobiles N.V. (FCAU) : Free Stock Analysis Report
 
Veoneer, Inc. (VNE) : Free Stock Analysis Report
 
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