- Stellantis NV (NYSE:STLA) and General Motors Company (NYSE:GM) reportedly paid about $363 million in civil penalties for failing to meet U.S. fuel economy requirements in prior years.
- The penalties totaled $235.5 million for Stellantis for the 2018 and 2019 model years, reported Reuters.
- For GM, the amount was $128.2 million for the 2016 and 2017 model years.
- The report cited National Highway Traffic Safety Administration (NHTSA), which administers the Corporate Average Fuel Economy (CAFE) program.
- Stellantis said the penalty “reflects past performance recorded before the formation of Stellantis, and is not indicative of the company’s direction.”
- The report further quoted GM saying, “work towards the goal of a zero-emissions future, we may use a combination of credits from prior model years, expected credits from future model years, credits obtained from other manufacturers, and payment of civil penalties to comply with increasingly stringent CAFE regulations.”
- Also Read: Stellantis Joins Hand With Vulcan To Develop Geothermal Renewable Energy In France
- The move comes in the wake of NHTSA’s plan to soon propose more tighter fuel economy standards for 2027 and beyond.
- Price Action: STLA traded higher by 2.62% at $15.89 and GM up by 4.24% at $34.42 on the last check Friday.
Check Out What Whales Are Doing With ASML
A whale with a lot of money to spend has taken a noticeably bearish stance on ASML Holding.…
