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US charges Fiat Chrysler

WASHINGTON: The United States on Thursday charged Fiat Chrysler with using software on its trucks to evade emissions standards on about 104,000 vehicles.

Shares in Fiat Chrysler Automobiles skidded more than 15 percent on the Milan Stock Exchange  as officials in the United States accused it of cheating on diesel emission rules.

The stock was repeatedly suspended from trading on the Milan bourse after it shed by as much as 16 percent. Just before 1600 GMT it was showing a loss of 15.7 percent at 8.83 euros.

On Wall Street, where the stock is also listed, it fell by 12.9 percent.

ALSO READ: Fiat avoids Trump wrath, but Mexico imports coming soon

The Environmental Protection Agency said the undisclosed software on the 2014 to 2016 models of Grand Cherokees and Dodge Ram 1500 trucks sold in the United States allowed the vehicles to emit more nitrogen oxides than permitted.

The company already is facing two class-action lawsuits over use of the defeat software.

Just the day before, US officials said that German rival Volkswagen would plead guilty to three criminal charges and pay a total $4.3 billion in fines to settle a much bigger emissions cheating scandal, known as “dieselgate”.

The US Justice Department charged VW with conspiracy to defraud the United States and violate the Clean Air Act for using defeat devices on its diesel vehicles that evaded emissions standards.

 

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