Fiat Chrysler drops on report of potential sales ban – CNBC
Fiat Chrysler refused to meet with German regulators to discuss findings of an emission probe last week, according to Bild. The Italian-American automaker was asked to comment on findings that the cars are not “in conformity with consumption and emission rules”, according to independent equity research firm AlphaValue, but declined on grounds that responsibility was with Italian regulators to test the vehicles.
“We regard Fiat’s answer as a blow it its reputation in Germany (and perhaps beyond),” AlphaValue said in the note. “This ‘non-response’ can be regarded as an indication that some of its vehicles may also not be obeying European laws.”
Fiat Chrysler dropped more than 5 percent in Milan, while shares in the U.S. trading near $6.75 Monday, down from their 52-week high of $10.86. The stock is down more than 26 percent year-to-date, and more than 35 percent year-over-year.