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On October 19th, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), stated in a statement that 23 models saw price reductions in September this year (compared to 36 models in the same period last year and 11 models in the same period in 2023), indicating that the current market remains relatively stable. Promotional activity for new energy vehicles remained at a mid-to-high 10.2% in September 2025, an increase of 2.6 percentage points year-on-year and a slight increase of 0.7 percentage points from the previous month. Promotional activity for traditional fuel vehicles reached 23.9% in September 2025, up 1 percentage point from the previous month and 1.9 percentage points year-on-year. The overall wholesale structure of major passenger car manufacturers continued to shift in September, with some mid-segment companies showing signs of gradual growth. Companies such as Geely Auto, Dongfeng Nissan, Xpeng Motors, Xiaomi Motors, and Leapmotor saw strong month-on-month performance. The independent brands of large state-owned groups have achieved strong growth. The independent brands of the five major state-owned groups, including SAIC, Dongfeng, Changan, Chery, and BAIC, increased by a total of 25% year-on-year in September. Among them, the second generation of independent brands of Shenlan, Lantu, Arcfox, and large groups showed strong growth.Nvidia (NVDA.O) CEO Jensen Huang will attend the Asia-Pacific Economic Cooperation (APEC) CEO Summit in South Korea.Microsoft (MSFT.O) leaders worry that meeting OpenAIs rapidly growing computing needs could lead to an overbuilding of servers that might not generate an economic return.On October 19th, the U.S. Embassy in Trinidad and Tobago warned American citizens on Saturday to avoid U.S. government facilities located there. The unusual warning comes amid escalating tensions between the United States and Venezuela following a deadly strike against suspected drug traffickers in Caribbean waters. The embassy did not specify the reason for the warning, stating only that "due to the heightened state of alert, please avoid and refrain from traveling to all U.S. government facilities throughout the holiday weekend." The embassy also urged people to "be aware of their surroundings." Monday is Diwali, a Hindu festival widely celebrated in Trinidad and Tobago, where 35% of the countrys 1.4 million people are of Indian descent. Venezuela lies just a few miles from Trinidad. In a coastal community in Trinidad, residents are mourning the disappearance of two fishermen, believed killed in a U.S. strike on Tuesday.On October 19th, two sources familiar with the matter revealed that French luxury group Kering, owner of fashion brands including Gucci, is close to selling its beauty division to LOréal. One of the sources confirmed the transaction is valued at approximately $4 billion, consistent with previous reports. The report stated that through the transaction, LOréal, the worlds largest professional cosmetics and beauty company, will acquire the fragrance brand Creed and gain the rights to develop beauty products for Kerings fashion brands, including Bottega Veneta, Balenciaga, and McQueen. The report also indicated that the transaction could be officially announced next week.

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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