Fiat Chrysler Seeks Diesel Emission Certification From EPA

Fiat Chrysler Seeks Diesel Emission Certification From EPA

FCA said it has updated the faulty software that the EPA said affected 104,000 Grand Cherokee SUVs and Ram pickups for model years 2014-16.

"FCA US also believes that these actions should help facilitate a prompt resolution to ongoing discussions with the Environment and Natural Resources Division of the U.S. Department of Justice and other governmental agencies", the automaker said in a statement.

Now the shares of Fiat Chrysler Automobiles N.V. (FCAU) has a trading volume of 10.02 Million shares, with an average trading volume of 8390 shares - with shares dropping to a 52 week low of $5.45, and the company's shares hitting a 52 week high of $ 11.65.

Academic researchers on both sides of the Atlantic separately said this week that they found that Fiat Chrysler's diesel vehicles had suspiciously high pollution levels and that there was evidence the company had used a so-called defeat device, software meant to allow a vehicle to pass official emissions tests while polluting more when driven on the highway.

The investigations and probes were held due to the extended regulatory investigations held due to the emissions test scandal from Volkswagen a year ago.

As Automotive News informs, the diesel engines in question were made by VM Motori, which has been a subsidiary of FCA since the company completed its acquisition in 2013. A spokesman for the California Air Resources Board said it expected to issue a statement later. The EPA asked the automaker for proof that the devices weren't "defeat devices" aimed at cheating emissions tests.

The Justice Department has had a continuous criminal investigation into FCA's conduct since in 2016.

Fiat Chrysler Automobiles NV filed a proposed fix to its diesel engines that the carmaker predicts will resolve negotiations with the Justice Department and other USA regulators.

FCA US incurs civil penalties of up to 4.6 billion.

Maybe so, but if the company did install such devices, as seems likely, then things aren't likely to go well for the company - considering the precedent set by the case against Volkswagen.

Fiat Chrysler Automobiles NV (NYSE:FCAU) last released its earnings results on Wednesday, April 26th.

According to the company, it is now making sure that possible relevant documents are preserved by the company.

Fiat Chrysler's USA -listed shares rose 2.8 per cent to $10.76 as of 9:57 NY. This is the stock's biggest fall since January which makes its losses for the past week by around 14%.