Fiat Chrysler to pay record US$105m penalty

Washington

FIAT Chrysler Automobiles NV agreed to a record US$105 million penalty following a US Department of Transportation investigation into whether the company delayed acting on safety defects on light trucks and cars.

Fiat Chrysler also agreed to buy back more than a half-million vehicles - mostly Ram pickups - whose defective suspension parts could cause a loss of control, the US National Highway Traffic Safety Administration said in a statement on Sunday. Owners will be able to trade in certain Jeeps for above-market value, and the company must hire an independent monitor approved by NHTSA.