Fiat Chrysler to dodge Carbon dioxide fines - by paying Tesla!

'Fiat to pool with Tesla to avoid EU fines'

According to new reports, to avert potential penalties and possible sanctions from European Union regulators, Fiat has now sought the help of Tesla Inc to try and save it millions of dollars in the latest rounds of newly updated emission rules.

There is no indication of the specific amount that FCA has agreed to pay Tesla.

According to the FT, the FCA/Tesla open pool was formed on February 25.

In a statement, Fiat Chrysler said that the company "is committed to reducing emissions of all our products". The result will be to lower FCA's average emissions of the greenhouse gas (GhG) to a permissible level.

Current regulations in the USA allow the company to earn credits for producing zero-emission vehicles and sell any extra credits to a rival automaker.

So flow for the calculation of the CO2-limit-average of the FCA-a fleet in the future also the CO2-neutral vehicles in the electric auto pioneer Tesla.

Investors sued in 2015, charging that the company misled them by asserting that Fiat Chrysler was in compliance with vehicle safety regulations and that the company under-reported its reserves for the cost of recalls. Payments to Tesla, whose electric cars don't produce Carbon dioxide emissions, may amount to more than 500 million euros, according to Jefferies.

For the record, in 2018, FCA had announced plans to spend €9 billion ($10.1 billion) over the next four years to develop electric vehicles which complied with global emissions standards.

The emission rules in Europe allow pooling of emissions internally, allowing carmakers like Volkswagen to offset Seat, Skoda and VW emissions against those from Porsche and Audi.

The credits in the past have buoyed the Palo Alto, California company's earnings, allowing it to post quarterly profits when otherwise it would have posted a loss.

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