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Fiat accused over emissions software

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Fiat Chrysler has been accused of not telling authorities about software that regulates emissions in thousands of its diesel vehicles. The US Environmental Protection Agency said the company broke the law by installing, but failing to disclose, the technology in more than 100,000 Jeeps and Dodge vehicles. The agency said the software caused higher nitrogen oxide levels. Fiat Chrysler boss Sergio Marchionne said the firm had done nothing illegal. “There was never any intent of creating conditions that were designed to defeat the testing process. This is absolute nonsense,” he added. Shares in Fiat Chrysler ended the day 10.3% lower in New York and closed 16% lower in Milan. The EPA said Fiat Chrysler could be liable for fines of about $44,500 per vehicle, which would mean a total of about $4.6bn.

About the author

Philip Scott

Head of Equities, Director

Philip has worked as a Private Client Stockbroker for nearly 20 years, commencing his career in Operations with Rensburg Sheppards (now part of Investec plc) before spending 9 years with Killik & Co advising on and directly managing portfolios. He joined SI Capital in 2006 to head up the Private Client Advisory desk.

Philip is a regular contributor to local media commenting on stock market dynamics and is a Chartered Member of the Chartered Institute for Securities & Investment (MCSI). His RDR qualification gained special recognitionfrom the CISI for achieving the highest combined pass mark in the country for the Investment Advice Diploma in 2012.

“At SI Capital I enjoy being part of a talented team who collectively share the same desire to provide excellence in service.  My focus is to ensure that each client receives effective and optimal management of their assets.”

Philip lives locally, is married with 2 daughters and is an avid sports fan (if now predominantly from the sidelines).  His other interests include music and film.

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