A U.S. safety regulator said on Wednesday Stellantis (NYSE:STLA)-owned Chrysler would recall 338,238 Jeeps in the United States over an issue that might result in the loss of vehicle control.
Dealers will replace the upper control arm pinch bolts free of charge in impacted vehicles, the National Highway Traffic Safety Administration said.
According to the NHTSA, the upper control arm ball joint and steering knuckle might separate and cause the wheel to fall outward, leading to loss of control.
The recall includes certain Grand Cherokee models built between 2021 and 2023.
Elsewhere, Stellantis announced today that it had signed a share buyback agreement for the first tranche of its Program with an investment firm that will make its trading decisions concerning the timing of purchases independently of Stellantis.
This agreement will cover a maximum amount of up to €1 billion (of the €3-billion Share Buyback Program). The first tranche of the Program shall start today and end no later than June 5.
The Company intends to cancel the common shares acquired through its €3-billion Share Buyback Program apart from a portion of up to €0.5 billion, which will be utilized to execute future employee stock purchase plan activities and equity-based compensation.
STLA shares gained 26 cents, or 1%, to $26.42.
