Fiat (FCAU, $16.48) recalls 300,000 cars in North America

On Friday, Fiat Chrysler Automobiles announced that it is recalling more than 300,000 Dodge Dart compact cars in North America.

The reason as cited by the company is that the cable connecting the shifter to the transmission might degrade and snap, thereby potentially causing the vehicles to roll away if the driver tries to shift for parking. The recall includes cars from 2013 through 2016 with six-speed automatic transmissions.

The carmaker said that it is not aware of any crash of injuries related to the issue. Nevertheless, Fiat has suggested that car owners should shut off the engine and engage the parking brake before leaving the cars.

Fiat spokesman Eric Mayne said that customers and dealers will be notified starting May 31. Car owners will not have to bear any costs related to the replacement to follow, as mandated by recall law.

Around 298,000 cars in the U.S.,  20,117 in Canada, 3,400 in Mexico and about 900 outside of North America are covered in the Fiat recall.

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Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.