kscarbel2 Posted March 1, 2017 Share Posted March 1, 2017 Bloomberg / March 1, 2017 Fiat Chrysler Automobiles (FCA) said the U.S. Securities and Exchange Commission (SEC) and states’ attorneys general are investigating its diesel models, showing scrutiny has escalated on vehicles that environmental regulators have said violate pollution laws. Following U.S. Environmental Protection Agency (EPA) allegations last month that Fiat Chrysler put software in Jeep and Ram diesel models allowing them to exceed pollution limits, the automaker received “various inquiries, subpoenas and requests for information,” according to a regulatory filing Tuesday. The demands have come from authorities including the U.S. Department of Justice, the SEC and several states’ attorneys general. The EPA last month stopped short of calling the software Fiat Chrysler used in about 104,000 Jeep Grand Cherokee and Ram 1500 models a “defeat device,” which Volkswagen admitted to using in a scandal that’s cost the German company about 22.6 billion euros ($23.9 billion). Quote Link to comment Share on other sites More sharing options...
kscarbel2 Posted March 1, 2017 Author Share Posted March 1, 2017 FCA reveals U.S. state, federal probes on diesel emissions Reuters / February 28, 2017 Fiat Chrysler Automobiles NV has received subpoenas from U.S. federal and state authorities, including the Securities and Exchange Commission (SEC), related to alleged excess diesel emissions by some of its vehicles, the automaker revealed in a filing with the SEC on Tuesday. On the diesel emissions issue, FCA said it has "received various inquiries, subpoenas and requests for information from a number of governmental authorities, including the U.S. Department of Justice, the SEC and several states’ attorneys general. We are investigating these matters and we intend to cooperate with all valid governmental requests," FCA said in its annual report filed Tuesday with the SEC. Earlier this month, a person briefed on the matter said the Justice Department has been involved in the matter for more than six months after getting a referral from the Environmental Protection Agency in July. Involvement by the SEC and state attorneys general has not been previously disclosed. FCA said Jan. 12 that the Justice Department was investigating the matter. The same day, FCA Chief Executive Sergio Marchionne rejected the allegations, saying there was no wrongdoing and the company never attempted to create software to cheat emissions rules by detecting when the vehicle was in test mode. FCA in its annual report said it is not able to predict the outcome of the investigations, but disclosed that "the resolution of these matters could have a material adverse effect on our financial position, results of operations or cash flows and may adversely affect our reputation with consumers, which may negatively impact demand for our vehicles." In January, the EPA said the maximum possible fine against FCA could be $4.6 billion. FCA also is facing scrutiny of its emissions compliance from European regulators. The French government said earlier this month that its Consumer Protection Agency had asked a prosecutor to investigate FCA's diesel vehicles. FCA in its annual report said government and regulatory scrutiny "is expected to remain high." The focus FCA top management must pay to regulatory intervention "may divert attention from other key aspects of our business plan" and may require more recalls of vehicles. Last July, FCA confirmed that the SEC and the Justice Department is investigating its U.S. vehicle sales reporting. Soon after that confirmation, FCA revised more than five years of monthly U.S. vehicle sales figures to reflect a new reporting method. Quote Link to comment Share on other sites More sharing options...
Dirtymilkman Posted March 1, 2017 Share Posted March 1, 2017 On 3/1/2017 at 8:10 AM, kscarbel2 said: Last July, FCA confirmed that the SEC and the Justice Department is investigating its U.S. vehicle sales reporting. Soon after that confirmation, FCA revised more than five years of monthly U.S. vehicle sales figures to reflect a new reporting method. What does this even mean? Quote Link to comment Share on other sites More sharing options...
TeamsterGrrrl Posted March 2, 2017 Share Posted March 2, 2017 SEC= Securities and Exchange Commission. Quote Link to comment Share on other sites More sharing options...
TS7 Posted March 4, 2017 Share Posted March 4, 2017 (edited) I still do not think FCA sales reporting on Ram trucks is true. Edited March 4, 2017 by TS7 1 Quote Link to comment Share on other sites More sharing options...
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