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Chrysler recalls 350k vehicles over ignition switches

Chrysler has announced a recall covering 349,442 vehicles due to ignition switches that can either become stuck or move without warning. All of the affected vehicles are from the 2008 model year, and were built before May 12, 2008.
The automaker has learned that ignition keys on some vehicles "may not fully return to the 'ON' position after rotation to the 'START' position during engine-startup," the company said in a statement. Additionally, "an ignition key may not fully return to the 'ON' position after rotation to the 'START' position and may inadvertently move through the 'ON' position to 'ACCESSORY' or 'OFF.'"
Chrysler says it is unaware of any related injuries, and notes that while reduced braking, engine or steering power is possible in such instances, the airbags are not affected. The later stands in contrast to General Motors' recent rash of high-profile recalls, and it's an important distinction that Chrysler (understandably) felt necessary to call out in bold print in its press release.

NHTSA closes investigation on 4.7M FCA power modules, no recall

FCA US hasn't had the best time with recalls as of late. Not only did the company recently agree to greater safety oversight and paid $105 million to the government, that came just days after hacking fears prompted a 1.4-million model recall campaign. However, a recent decision to close an investigation by the National Highway Traffic Safety Administration means that the automaker doesn't have to worry about another major recall possibly affecting 4.7 million vehicles, according to the agency's report (as a PDF). Last September, the Center for Auto Safety petitioned NHTSA to investigate an alleged problem with the totally integrated power module (TIPM) on these FCA US models. The group claimed that a fault with the component could cause a variety of maladies, including stalls, not starting, catching fire, unintended acceleration, and airbag non-deployment. At the time, it also submitted 70 cases where this had reportedly happened. According to NHTSA, "no valid evidence was presented in support of claims related to airbag non-deployment, unintended acceleration, or fire resulting from TIPM faults and these claims were found to be wholly without merit based on review of the field data and design of the relevant systems and components." The agency did find signs of an issue with the fuel pump relay in some Jeep Grand Cherokees and Dodge Durangos, but FCA US issued recalls for the problem in September 2014 and February 2015. Without anything else to go on, the Feds don't think it's worth investigating this topic any more.

Fiat Chrysler agrees to new $3.8 billion credit facility with banks

MILAN — Fiat Chrysler said on Thursday it has agreed a new credit facility with two banks, at a time when major carmakers are having to shut down plants, losing revenue as demand slumps in the wake of the coronavirus. Most of FCA's plants around the world are currently shut in response to the virus emergency. Italian investment firm Exor, which controls FCA, said on Wednesday that the temporary closures might continue and increase depending on how the coronavirus outbreak develops. FCA said the credit facility would be available "for general corporate purposes and for working capital needs" of the group and that it was structured as a "bridge facility" to support its access to capital markets. "This transaction confirms the continued strong support of FCA's international key relationship banks in the current extraordinary circumstances," the automaker said in a statement, without making any explicit link between the new facility and the impact the virus is having on the global economy. The facility can be drawn in a single tranche of 3.5 billion euros ($3.8 billion), with an initial 12-month term which can be extended for further six months. It adds to existing credit facilities worth 7.7 billion euros, including lines for 1.5 billion euros that the company has started to draw down, FCA said. FCA is in merger talks with Peugeot owner PSA to create the world's fourth biggest carmaker. The deal is expected to be finalized by the first quarter of next year. Equita's analyst Martino De Ambroggi said that, based on his new assumption of a 10% drop of global auto market this year, the crisis triggered by the coronavirus would impact the merged automaker's free cash flow by over 5 billion euros. Earlier this week, General Motors announced it will draw about $16 billion from its credit lines in a bid to beef up liquidity amid rising business impact from the fast-spreading coronavirus outbreak. And last week, rival Ford abandoned its 2020 forecast and said it was drawing down $15.4 billion from two credit facilities to bolster its balance sheet. Related Video: