Yet another black day for Fiat Chrysler Automobiles in the wake of news from the US relating to a possible lawsuit coming from the Department of Justice American for the gas emissions case.
After infringement procedure against Italy opened by the European Union for not having carried out (according to the EU) sufficient checks on the software of the Fiat 500x, another bad news sends the FCa stock plummets which at 15.00 is confirmed as the worst of the FtseMib with a decrease of 5,33% which follows the -4,59% of yesterday, 17 May. Bad weather is also blowing on Wall Street where the shares of the Italian-American group drop 4,34% in the pre-market.
Returning to the US, based on what was revealed by Bloomberg The Justice Department plans to sue FCA if ongoing negotiations over allegations of violations of emissions regulations end in a stalemate.
According to the agency, the American judges could proceed with the lawsuit as early as this week. The accusation is serious: having used illegal software devices in order to pass the controls on the polluting emissions of some diesel models. Charges which, however, the Environmental Protection Agency (EPA), let it be known that in the event of a conviction, which is far from obvious to date, the fine against FCA could reach up to 4,6 billion dollars, a figure which was then greatly reduced by the CEO of Fiat Chrysler.
We recall that the emissions case broke out last January, when the US Environmental Protection Agency accused the car manufacturer led by Sergio Marchionne of violating current regulations by installing "emissions management software on Jeep Grand models" on about 104 vehicles. Cherokee and Ram 1500 produced in 2014, 2015 and 2016 with three-liter diesel engines sold in the USA”.
A federal judge has scheduled a hearing for May 24 on a series of lawsuits filed by vehicle owners against FCA and the Justice Department is expected to file the lawsuit in that case if not settled sooner.
“In the event of a legal dispute, FCA will defend itself vigorously, especially with respect to allegations that the company deliberately installed equipment to spoof emissions tests,” the company said in a statement.
