Fiat Chrysler falls 7% on worries over recall actions - Press Examiner
Federal regulators have delivered a strong message to Fiat Chrysler , slapping the automaker with one of the harshest penalties ever for what investigators say was neglected and unnecessary delays surrounding millions of recalled vehicles. “The $105 million settlement is substantially lower than the $700 million in potential fines discussed, but it still represents around 6. 4 per cent of North American earnings for FCA last year”, Evercore ISI analyst Arndt Ellinghorst said in a note. FCA has agreed to additional remedies for three recall campaigns covering approximately half a million 2008-2012 Ram trucks with defective suspension parts that could cause the vehicle to lose control. The US News report also mentioned that aside from the Ram trucks, owners of Chrysler’s older Jeep models with vulnerable rear-mounted gas tanks will be able to trade the vehicles in or have the units repaired by the automaker. According to Kelly Blue Book, a 2010 Dodge Ram 1500 – one of the. Source: www.pressexaminer.com
