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Fiat Chrysler to pay $40 million fine for inflating sales numbers

DETROIT — Fiat Chrysler is paying $40 million to settle with U.S. securities regulators who say the automaker misled investors by overstating its monthly sales numbers over a five-year period. The Italian-American company inflated sales by paying dealers to report fake numbers from 2012 to 2016, the U.S. Securities and Exchange Commission alleged in a complaint. Fiat Chrysler agreed to pay the civil penalty and to stop violating anti-fraud, reporting and internal accounting control regulations, the SEC said Friday in a statement. The automaker did not admit or deny the agency's allegations, the statement said. "This case underscores the need for companies to truthfully disclose their key performance indicators," Antonia Chion, associate director in the SEC's Enforcement Division, said in the statement. She noted that the new vehicle sales figures give investors insight into the demand for an automaker's products, a key to assessing the company's performance. Fiat Chrysler said it has reviewed and refined its sales reporting procedures. It said the payment will not have a large impact on its financial statements. The agency said the automaker boasted about a streak of year-over-year sales increases into 2016, when the streak actually was broken in September of 2013. When the company disclosed the sales scheme in 2016, it said that it had a "reserve" stock of cars that had been shipped to big fleet buyers such as rental car companies but not recorded as sales. The SEC said employees called this database of actual but unreported sales the "cookie jar." The company dipped into those sales to stop the streak from ending, or when it would have missed other sales targets. Fiat Chrysler said it now records sales as soon as vehicles are shipped to customers. It has also take steps to ensure that a sale is immediately subtracted from its books when it finds out the deal was scuttled because the buyer backed out or couldn't get financing. The SEC probe is another in a long string of legal troubles for Fiat Chrysler. It also faces federal investigations into illegal payments to union officials through a training center, and a criminal probe into allegations that its diesel-powered trucks were programmed to cheat on emissions tests. The company has denied cheating, but federal prosecutors charged an engineer earlier this week and said he conspired with others. In June, Fiat Chrysler's U.S.

Facelifted 2019 Fiat 500X features new lights front and rear

Jeep has been testing an updated 2019 Jeep Renegade, so it should come as no surprise that its Fiat-badged cousin, the 500X, is also going to be refreshed for 2019. The new Fiat has finally been spotted, testing alongside the Jeep, and it's going to be a mild update. Most of the changes appear to be in the lights. Up front, the headlights and the fog lights appear to be sleeker. The main headlights have been slimmed down a bit. The fog lights have shrunk all around and have lost a little bit of the roundness of the current model. At the back, the taillights retain the same shape, but they have much more depth now. Instead of having a smooth round plastic housing, the lights are concave, starting with a red outer ring. Inside that is a clear ring that may be turn signals and/or reverse lights. Then, in the center, at the deepest level, is a light we're not totally able to identify. It does appear to have lights arranged in a plus shape. It may just be a basic taillight that stays on with the headlights. We expect the 500X to be revealed sometime this year. Considering how little is changed on the outside, we're not expecting any major changes to the powertrain, which includes either a turbocharged 1.4-liter four-cylinder or a naturally aspirated 2.4-liter four-cylinder. The former is currently only available with front-wheel drive and a six-speed manual, and the 2.4-liter engine is available with front- or all-wheel drive but only with a nine-speed automatic. Related Video: Featured Gallery 2019 Fiat 500X spy shots View 16 Photos Spy Photos Fiat Crossover SUV Economy Cars fiat 500x

Fiat Chrysler global HQ lands in London's ultra-posh West End

It seems Fiat is bent on bolstering its image as a global automaker, as word has leaked out that the Italian/American conglomerate has chosen to locate its global headquarters in a rather swanky neighborhood in London. According to Bloomberg, the rental location on St. James Street in London's West End is a 10-minute walk from Buckingham Palace, and Fiat Chrysler Automobiles will fill up three complete floors of an office building that also houses The Economist magazine.
As a neutral location between Italy and the United States, the London-based headquarters makes sense, though, at $277 per square foot, this area is said to be the most expensive office space in the world. There's no mention of what FCA has actually agreed to pay for renting the space, but we're certain it isn't coming cheap.
Not surprisingly, Bloomberg also cites research indicating that the largest number of immigrants moving into London from January through August of this year hail from Italy, which makes sense considering the number of Italian executives and workers we'd expect would have to relocate to the UK in order to work at Fiat's new home. The company reportedly plans to be in place in London by the time it holds its next round of board meetings in October.