Stellantis' FCA US unit has agreed to a $4.2 million settlement with California over emissions violations involving Ram ProMaster vehicles.
Stellantis NV's FCA US unit has agreed to pay $4.2 million to settle a California investigation into emissions violations. The California Air Resources Board (CARB) found that certain models of the Ram ProMaster vehicles, specifically those manufactured between 2014 and 2016 and equipped with 3.0L diesel engines, were using unapproved devices that circumvented emissions controls. This resulted in nearly 55 tons of excess nitrogen oxides being released into the atmosphere, violating state air quality standards.
The settlement includes a $2 million civil penalty that will be directed to the state's Air Pollution Control Fund and $2.1 million to fund a project aimed at reducing emissions from ocean-going vessels during peak whale and ozone seasons. This initiative is expected to provide both wildlife and air quality benefits.
This settlement follows a series of similar issues for Stellantis. In 2022, the company paid $5.6 million to California for similar allegations involving gas-powered vehicles. Additionally, in a separate federal investigation, FCA US pleaded guilty to criminal conspiracy and agreed to pay about $300 million in 2022 to resolve a U.S. Justice Department diesel emissions fraud investigation.
The vehicles involved in the current settlement will be recalled and modified to comply with state regulations. This action is part of Stellantis' ongoing efforts to address past compliance issues and improve its environmental impact.
Critics argue that the financial penalties imposed on Stellantis may not be sufficient to deter future violations, especially considering the broader context of environmental harm and the company's history of emissions-related settlements. However, the recall and modification of affected vehicles are seen as positive steps towards mitigating the damage caused by the excess emissions.
AstraZeneca and Daiichi Sankyo have withdrawn their EU application for the lung cancer drug Dato-DXd following feedback from the European Medicines Agency. Despite the setback, the companies remain committed to further development of the drug.
Oil prices increased in thin trading ahead of Christmas, supported by strong U.S. economic data and rising demand in India.
NeueHealth is set to be taken private by New Enterprise Associates in a $1.3 billion deal, marking a significant shift for the healthcare provider.
Dale Chappell, former Chief Scientific Officer of Humanigen, has been charged with insider trading, allegedly avoiding $38 million in losses by selling shares based on non-public information about the company's COVID-19 drug application.
Taiwan Semiconductor and Apple are among the top performers in 2024, with significant interest from major funds. Analysts predict continued growth into 2025, driven by technological advancements and strong market demand.
Broadcom and AMD stocks surged on Monday, driven by investor optimism about AI-driven growth in the semiconductor sector.
Abbott Laboratories and DexCom Inc. have reached a settlement to resolve all patent disputes related to continuous glucose monitoring devices, agreeing to a 10-year non-litigation pact.
Canada's Competition Bureau has filed a lawsuit against Rogers Communications, alleging the company misled consumers with claims of unlimited data plans that actually have data caps.
Apple Inc. is poised for a strong holiday season, driven by robust iPhone 16 sales and AI innovations, potentially reaching a $4 trillion market cap by early 2025.