Chrysler's $30m green fine
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[01/10/2008] The former DaimlerChrysler AG paid a record $30.3m fine in 2007 for violating fuel efficiency requirements set by the US government.
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The former DaimlerChrysler AG paid a record $30.3m fine in 2007 for violating fuel efficiency requirements set by the US government.
The fine was assessed by the National Highway Traffic Safety Administration against the carmaker, which was divided last year when private equity group Cerberus Capital Management LP acquired an 80.1% stake in Chrysler. The fine was reported by the agency in documents posted last month on its website.
DaimlerChrysler paid the Corporate Average Fuel Economy, or CAFE, fine for imported passenger cars from the 2006 model year. Most of the imported vehicles from that year were Mercedes-Benz luxury cars, which are part of Daimler AG.
BMW of North America had the previous record, paying nearly $28m in October 2002 for violations related to 2001 model year vehicles.
Many manufacturers of luxury vehicles regularly consider the CAFE fines as the cost of doing business. The fines, which are paid to NHTSA, were established to ensure that vehicles meet basic gas mileage standards.
President George W. Bush recently signed a new energy law that would set more stringent fuel economy requirements for the nation's fleet of new vehicles, increasing it to 15l per km by 2020.
Messages were left with officials with Chrysler LLC and Mercedes-Benz USA. It was unclear how Daimler AG and Chrysler divided the fine.
Five other carmakers were required to pay CAFE fines in 2007:
BMW: $5.1m
Porsche: $4.6m
Maserati: $1.4m
Volkswagen: $1m
Ferrari: $842 160
The fine was assessed by the National Highway Traffic Safety Administration against the carmaker, which was divided last year when private equity group Cerberus Capital Management LP acquired an 80.1% stake in Chrysler. The fine was reported by the agency in documents posted last month on its website.
DaimlerChrysler paid the Corporate Average Fuel Economy, or CAFE, fine for imported passenger cars from the 2006 model year. Most of the imported vehicles from that year were Mercedes-Benz luxury cars, which are part of Daimler AG.
BMW of North America had the previous record, paying nearly $28m in October 2002 for violations related to 2001 model year vehicles.
Many manufacturers of luxury vehicles regularly consider the CAFE fines as the cost of doing business. The fines, which are paid to NHTSA, were established to ensure that vehicles meet basic gas mileage standards.
President George W. Bush recently signed a new energy law that would set more stringent fuel economy requirements for the nation's fleet of new vehicles, increasing it to 15l per km by 2020.
Messages were left with officials with Chrysler LLC and Mercedes-Benz USA. It was unclear how Daimler AG and Chrysler divided the fine.
Five other carmakers were required to pay CAFE fines in 2007:
BMW: $5.1m
Porsche: $4.6m
Maserati: $1.4m
Volkswagen: $1m
Ferrari: $842 160
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