FCA could lose up to $ 840 million in the US

FCA could lose up to $ 840 million in the US

November 3, 2020 0 By autotimesnews

The automaker reports potential costs amid an investigation into diesel emissions.

Fiat Chrysler Automobiles said it could face costs of up to $ 840 million to complete a Justice Department investigation into excessive emissions on diesel models.

The automaker said the August U.S. Court of Appeals ruling that overturned the Trump administration’s July 2019 rule more than doubled the penalties for automakers who fail to comply with fuel efficiency requirements.

The FCA Securities filing states that “the accumulated amounts could be up to $ 581 million depending, among other things, on our ability to implement future product actions or other actions to change the use of credits.”

The company said negotiations for a settlement are still ongoing and it is unclear if it will reach an agreement with the Justice Department. Recall that in September FCA agreed to pay $ 9.5 million as part of allegations that it misled investors about compliance with emission regulations.