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Fiat Chrysler faces $79 million U.S. penalty for fuel economy shortfall

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Via Yahoo Finance

WASHINGTON (Reuters) – Fiat Chrysler Automobiles NV <FCHA.MI> faces a $79 million (61.6 million pounds) U.S. civil penalty for failing to meet 2017 fuel economy requirements, the automaker confirmed Wednesday.

The Italian-American automaker paid $77.3 million last year for a 2016 model year fuel-economy shortfall and a company spokesman confirmed Wednesday the company has received a letter on the 2017 penalty and has 60 days to respond.

The National Highway Traffic Safety Administration, which administers the programme, said in a report Wednesday that Fiat Chrysler had failed to meet the 2017 minimum “domestic passenger car” requirements. Fiat Chrysler said Wednesday it still plans to spend $10 billion through 2022 to develop more than 30 hybrid and electric vehicles.

(Reporting by David Shepardson; Editing by Nick Zieminski)

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