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Tesla India executives announced the opening of Indias first Tesla service center in Gurgaon. The Gurgaon center is the countrys first to encompass sales, service, delivery, and logistics.On November 26th, six departments, including the Ministry of Industry and Information Technology, issued the "Implementation Plan on Enhancing the Matching of Supply and Demand for Consumer Goods and Further Promoting Consumption." The plan proposes actively promoting the first launches of consumer products. It supports the opening of first stores, flagship stores, and new concept stores for consumer goods, as well as the holding of debut shows and exhibitions. It also emphasizes actively cultivating platforms for product launches, upgrading the capabilities of core business districts, and building launch centers that integrate new product releases, displays, transactions, and promotion. Furthermore, it stresses strengthening the empowerment of digital technologies to build an "online + offline" product launch matrix. Finally, it leverages the comprehensive effects of international exhibitions to promote "Chinese trends going global" and "first launches overseas."On November 26th, six departments, including the Ministry of Industry and Information Technology, issued the "Implementation Plan on Enhancing the Matching of Supply and Demand for Consumer Goods and Further Promoting Consumption." The plan proposes strengthening fiscal and financial support. It emphasizes making good use of large-scale equipment upgrades and trade-in policies for consumer goods. It also calls for coordinating relevant funding channels to support the upgrading of the consumer goods industry and fully leveraging the stimulating effect of policy funds. Furthermore, it emphasizes leveraging centralized procurement to expand the purchase of workwear, work shoes, and other consumer goods by government agencies, public institutions, and state-owned enterprises. The plan also aims to enrich consumer finance products and services, enhancing the adaptability and convenience of consumer finance services. Finally, it guides financial institutions to increase support for high-quality elderly products through service consumption and elderly care re-lending programs.Japanese Prime Minister Sanae Takaichi: Dont expect Japan to experience a market crash similar to the "Tesla crash".Jefferies: Lowered its price target for Best Buy (BBY.N) from $95 to $94.

Stellantis subsidiary found guilty in U.S. diesel pollution investigation and fined $300 million

Charlie Brooks

Aug 02, 2022 10:21

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Monday, after pleading guilty to criminal conspiracy in June, the U.S. branch of Fiat Chrysler Automobiles was forced to pay almost $300 million to resolve a multi-year diesel emissions fraud probe by the Justice Department.


FCA US LLC, previously Chrysler Group LLC, signed an agreement with the Justice Department to forfeit $203.6 million and pay a $96.1 million punishment. Additionally, the FCA US division of Stellantis NV was sentenced to three years of organizational probation.


More than 100,000 Jeep Grand Cherokee and Ram 1500 diesel vehicles produced in the United States between 2014 and 2016 were reportedly marketed with falsified emissions data.


The Department of Justice alleges that FCA conspired to cheat on U.S. emissions tests.


The $300 million criminal fine "is the outcome of a three-year investigation," as stated by Assistant Attorney General Todd Kim. This resolution underscores the Justice Department's commitment to holding businesses accountable for misleading authorities.


The government emphasized that FCA US had previously paid a $311 million civil penalty and over $183 million in compensation to over 63,000 diesel class action claimants.


The automaker must conduct an initial evaluation of its compliance with the Clean Air Act and inspection and testing procedures, submit a report, and produce at least two more reports. Reuters was the first to report the planned settlement in May.


According to the Justice Department, FCA US utilized deceptive software features to avoid regulatory scrutiny and falsely help diesel vehicles in complying with pollution laws.


Stellantis previously asserted that it had amassed 266 million euros in compensation funds. FCA merged with Peugeot (OTC:PUGOY) maker PSA in 2021 to become Stellantis.


Three FCA US employees are now awaiting trial on allegations of conspiring to defraud the United States and violating the Clean Air Act.


Volkswagen (ETR:VOWG p) pleaded guilty to criminal charges to settle its own pollution problem affecting around 600,000 U.S. automobiles in the "Dieselgate" controversy five years previously. Volkswagen has paid more than $30 billion in connection with this matter.

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