Fiat Chrysler faces $79 million U.S. penalty for fuel economy shortfall

This post was originally published on this site

WASHINGTON (Reuters) – Fiat Chrysler Automobiles NV (MI:) faces a $79 million U.S. civil penalty for failing to meet 2017 fuel economy requirements, the automaker confirmed Wednesday.

The Italian-American automaker paid $77.3 million last year for a 2016 model year fuel-economy shortfall and a company spokesman confirmed Wednesday the company has received a letter on the 2017 penalty and has 60 days to respond.

The National Highway Traffic Safety Administration, which administers the program, said in a report Wednesday that Fiat Chrysler had failed to meet the 2017 minimum “domestic passenger car” requirements. Fiat Chrysler said Wednesday it still plans to spend $10 billion through 2022 to develop more than 30 hybrid and electric vehicles.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.