AutoBeta(AutoBeta.net)09/29 Report--

According to foreign media reports, Fiat Chrysler (FCA) and its US subsidiary will be fined $40 million, or about 280 million yuan, by US regulators for fabricating monthly sales reports. Thus reconciling with the Securities and Exchange Commission (sec).

Fiat Chrysler and its US subsidiaries used "co-marketing funds" to cover up payments by pressuring and paying dealers in the five years from 2012 to 2016, the Securities and Exchange Commission announced. Falsely claimed that there was a continuous monthly increase in new car sales compared with the same period last year. Real growth ended as early as September 2013.

Detroit's big three automakers, including GM, Ford and Fiat Chrysler, have stopped reporting monthly sales figures and are now reporting quarterly. In April, Fiat Chrysler reached a settlement with seven dealers, saying it urged them to enter false sales data to help it meet its sales targets. The amount of the settlement was not disclosed. In May, Fiat Chrysler reached a $14.75 million settlement with shareholders.

In June, Reid Bigland, FCA's head of US sales, sued FCA in cooperation with the Securities and Exchange Commission, alleging that sales fraud had been going on within Fiat Chrysler for years and was well known within the company, including the late CEO Marchionne.

The incident comes after Emanuele Palma, a senior manager of Fiat Chrysler (FCA), was sued by US regulators for fraudulent emissions, accusing him of lying to regulators about diesel emissions. The manager is responsible for diesel driving performance and emissions at FCA.

Recently, there has been frequent news in the foreign auto circle, and there are not a few car companies targeted by various regulators. FCA does not deny wrongdoing in this matter, but also said that it will cooperate fully, has reviewed and improved its policies and procedures, and is committed to strict control of its sales reports.

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