Saturday, January 14, 2017

Fca stands up after the “dieselgate” Fly ” in the Piazza Affari, +7,4% at the start – Corriere della Sera

shares of Fiat Chrysler Automobiles is waking up after the -16% recorded in Milan (and the -10% on Wall Street) on Thursday, January 12. In the aftermath of the accusations of a new “dieselgate” by the Epa(Environmental protection agency) of the united states, the actions by the Fca have begun to regain some of the lost ground. The title remained longer than usual in the phase of pre-opening and, once entered in continuous trading, opened at the upside of 7.4% to 9,44 euro, to then stabilise in the course of the morning, around a rise of 4%. In France, on the contrary, have fallen under pressure of the securities Renault after that, the public prosecutor of Paris has reported that three French courts will investigate the devices used by Renault for the control of emissions of its diesel engines that are suspected to be rigged: the news caused a fall in the Stock exchange of 4%.

Managers divided

in The light of an evolving situation, managers are positioned in a different way on the title Fca. Up to now, about 30 analysts that follow the title, 10 advised to sell the 14 and buy. Equita raises the taget price 9.8 (+6%), but if you first advised, “buy”, buy, now more cautiously assign a “hold”, hold. And if Exane recommends caution, Jefferies has a “buy” considering the fundamental the availability of Fca to cooperate with the american authorities. Kepler Cheuvreux (“hold”) and Mediobanca to point out the differences with the scandal of Volkswagen, and a more limited risk with a fine, which, considering the number of cars involved, may be between 450 million and us $ 3.4 billion in the worst case but believe that the Epa will lean eventually for the lesser punishment.

The story

The Epa has accused the Fca of alleged violations of the Clean air act for failing to notify the existence of a software for the emission control installed in the diesel engines of 104mila vehicles sold in the Us (Jeep Grand Cherokee and Dodge Ram 1500 products in 2014-16), that would cause an increase in NOx emissions in certain situations. The survey also intends to verify if it is illegal. The Fca has publicly denied and has responded that it intends to contest the allegations of the Epa and work with the authorities in order to demonstrate in a short time, that the emission control systems mounted on their vehicles meet the standards of the law. In addition, the chief executive officer Sergio Marchionne confirmed targets for 2018 and has said not to expect them to serve provisions.

the White House, the Epa has acted “independently” from Obama

The decision announced yesterday by the environmental protection Agency the american to accuse Fiat Chrysler Automotive to have violated the laws on emissions “was taken independently from the White House”. As explained by Josh Earnest, a spokesman for Barack Obama, a similar approach is part of a tradition, according to which an administration leaves that an agency is acting independently. In his meeting with the american press, in Earnest, he had declared that “the decisions of the Epa are taken by the officials of the Epa and are not aware of the involvement of the White House on this specific case”. The spokesman, however, has made it clear that Obama “expects that the officials at the Epa perform their duties to enforce the law and put in place rules that are written in it; how they do it exactly is up to them.”

The Eu is worried

The european Union, on the other hand, is concerned about the possible developments of the story. The allegations of the Us authorities towards the Fca — says Lucia Caudet, a spokeswoman for the european Commission, “are of concern”. Brussels — he says, “is in constant contact with the american authorities” have informed “yesterday,” the european executive had received “insufficient information” on the control of emissions. The Commission, taking note of the comments, “working with the Epa, the national authorities and with the Fca to verify the potential implications for all vehicles in the Eu”, added the spokesman.

January 13, 2017 (edit) on 13 January 2017 | 18:20)

© REPRODUCTION RESERVED

LikeTweet

No comments:

Post a Comment