Fiat Chrysler (NYSE: FCAU) Receives Record Fine from US Department of - Lid Time - Weird News, Entertainment, News Headlines (blog)
Fiat Chrysler has to pay $70 million and must spend at least $20 million to meet performance requirements detailed in the agreement. The NHTSA also forged a buy-back agreement with Fiat Chrysler , putting the automaker in a committed position to pay for as many as 1. 5 million faulty vehicles that it has sold in the last three years. The NHTSA detailed many of Fiat Chrysler’s past failings during a July 2 hearing, including failing to notify customers of recalls, putting off making and distributing repair parts, and, in some cases, failing to do repairs needed to fix problems. The company was found to have failed to complete 23 safety recalls covering more than 11 million vehicles. Over the weekend, NHTSA also released details of two new FCA recalls, totalling more than 1. 7 million vehicles, involving Ram pickups from model years 2012-2014 for inadvertent deployment of air bags. The NHTSA claims that Fiat Chrysler failed to offer a reasonable solution to a problem that plagued its top-selling vehicle, the Dodge Ram truck. And owners of more than one million Jeeps that are prone to deadly fires will have the chance to trade their vehicle in for above market value, or receive a financial incentive to get their vehicle fixed. Source: www.lidtime.com
