🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

U.S. imposes $30 million penalty on Daimler for delayed truck recalls

Published 12/31/2020, 11:05 AM
Updated 12/31/2020, 12:00 PM
© Reuters. A emergency exit sign is pictured above a logo of German car manufacturer Daimler AG, before the annual news conference in Stuttgart
MBGn
-
MBGAF
-

By David Shepardson

WASHINGTON (Reuters) -Daimler AG's North American truck unit on Thursday agreed to a $30 million U.S. civil penalty to resolve an investigation of delayed recalls, the second time since late 2019 the German automaker has agreed to settle a probe by U.S. auto safety regulators.

The National Highway Traffic Safety Administration (NHTSA) said Daimler (OTC:DDAIF) Trucks North America failed to recall vehicles in a timely fashion and comply with reporting requirements after the agency opened a probe in April 2018 of about 464,000 vehicles.

As part of the settlement, Daimler Trucks agreed to develop and implement an advanced data analytics program to enhance its ability to detect and to investigate potential safety defects as part of a two-year consent order that can be extended by NHTSA for one additional year.

Daimler Trucks must pay $10 million upfront and spend an additional $5 million on projects to enhance safety. The agreement includes a $15 million deferred penalty that can become payable if Daimler does not comply with the consent order.

Daimler Trucks said it is focused on "building safe, efficient and reliable commercial vehicles.... In this case, though there are no known accidents or injuries associated with any of the voluntary recalls.

"We appreciate the opportunity to summarily resolve this matter," it added.

Daimler Trucks agreed to meet with NHTSA on at least a monthly basis as part of the settlement.

"It’s critical that manufacturers appropriately recognize the urgency of their safety recall responsibilities and provide timely and candid information to the agency about all safety issues," NHTSA Deputy Administrator James Owens said.

© Reuters. FILE PHOTO: IAA truck show in Hanover

In December 2019, Daimler's Mercedes-Benz USA unit agreed to a $20 million civil penalty over its handling of U.S. vehicle recalls after NHTSA said it failed to notify owners in a timely fashion in some recalls, did not submit all reports and did not launch at least two recalls in a timely fashion.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.