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Fiat Chrysler recalls 410000 vehicles

Fiat Chrysler recalls 410000 vehicles

During the past 5 1/2 years, the company understated its sales by almost 19,000 vehicles, Fiat Chrysler's statement said.

A report from Automotive News says Fiat Chrysler executives knew about the automaker's practice of inflating sales figures prior to the FBI and SEC investigation that began recently. The revision comes as two federal agencies investigate whether the company inflated sales by pressing dealers to buy more vehicles.

Fiat Chrysler said it did not deliberately misstate sales numbers, but pointed to various practices that led to inaccuracies in its monthly reports.

The Italian-American auto company said in a statement that it records revenue based on shipments to individuals and dealers, and not reported automobile unit sales to end customers.

FCA, like other major USA automakers, books revenue when vehicles are sold wholesale to dealers, not when sales are made to retail customers.

The company also stated that it records revenues in its annual and quarterly financial statements based on shipments to dealers and customers, not on reported sales to end customers.

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Fiat Chrysler acknowledged earlier this month that the Justice Department and Securities and Exchange Commission are probing its sales numbers.

Fiat Chrysler shares were up 1.8 percent at $6.99 in afternoon trade.

The lawsuit alleges that a competing dealership reported 85 false new vehicle sales and got tens of thousands of dollars in return.

"The whole market is switching over to trucks, SUVs and crossovers; and the fact that FCA is putting one-and-a-half billion dollars into that plant to retool it shows just how significant this market shift is".

Fiat in response to the lawsuit said that they were confident about the integrity of how they carry out business and dealer arrangements and that they meant to defend their position vigorously.

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