Massive car recalls impact over 700,000 vehicles
Stellantis and Kia are recalling a combined 775,000 vehicles over safety concerns.
TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Monday, June 10.
Related: Stellantis extends olive branch to help revive Italian auto production
Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a winning week on Wall Street with the S&P 500 clinching a new record high. Investors are looking ahead to the Federal Reserve's latest decision on interest rates and May inflation data, both out Wednesday.
Separately, investors are awaiting Apple’s annual WorldWide Developers Conference where the tech giant will announce updates to its software. And Wall Street is looking at how Nvidia’s stock performs after its 10-for-1 stock split.
In other news - 775,000 vehicles are being recalled from two carmakers. Kia is calling back 463,000 of its Telluride SUVs and Stellantis-owned Dodge is recalling roughly 212,000 SUVs and pickup trucks.
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The Kia recall involves Tellurides made between 2020 and 2024. The National Highway Traffic Safety Administration says there’s potential for the front seats to catch fire. The agency has cautioned owners to park outside and away from buildings due to the issue. This is Kia’s second Telluride recall just this year. The company called back 400,000 vehicles because the SUV had the potential to roll away, even while in park.
The Stellantis recall is for several different models. 2022 Dodge Durangos and 2022 Ram 2500 and 3500 trucks have an issue with their anti lock braking systems, according to Stellantis. That issue could deactivate the vehicles’ stability control system, which prevents the loss of steering capabilities during an emergency. According to NHTSA - driving a car without that system increases the probability of an accident.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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