Stellantis (STLA), the global automaker, has announced a recall of about 1.46 million Ram pickup trucks to address a software-related issue. The recall specifically impacts Ram 1500 trucks from the 2019 and 2021-2024 model years.
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The company said in a statement that the trucks may have anti-lock brake software (ABS) that can falsely trigger warning lights for the truck’s adaptive cruise control, antilock braking system, and electronic stability control, suggesting potential malfunctions in these safety features. Therefore, to ensure safety and adhere to U.S. federal regulations, Stellantis is recalling the affected vehicles.
Importantly, STLA said that the issue could be resolved through a free software update, and no accidents were reported due to the issue.
STLA Recalls More Vehicles
In addition to the Ram pickup trucks, Stellantis has recalled over 30,000 Jeep Gladiator and Jeep Wrangler vehicles due to separate software issues. Specifically, the Gladiator recall involves a potential internal short circuit in the instrument panel cluster, while the Wrangler recall concerns a faulty seat belt sensor that could disable the rearview camera.
It’s worth highlighting that Stellantis has encountered a series of safety issues throughout the year. In March, the company recalled thousands of Dodge Charger and Chrysler 300 cars due to a defective airbag. Earlier, in February, Jeep Grand Cherokees were recalled for a ball joint issue that could lead to loss of control.
Overall, these recalls demonstrate Stellantis’ commitment to regulatory compliance and customer safety. By identifying and addressing these issues, the company aims to maintain the reliability and safety of its vehicles.
Is STLA a Good Stock to Buy?
Turning to Wall Street, STLA has a Moderate Buy consensus rating based on 13 Buys, three Holds, and two Sells assigned in the last three months. At $27.26, the average Stellantis price target implies 75.87% upside potential. Shares of the company have declined about 29% year-to-date.
