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Under federal rules, automakers can accrue credits for overcomplying in some years. In 2012, the Obama administration finalized rules requiring automakers to nearly double the fleet-wide fuel efficiency of vehicles to more than 50 miles per gallon by 2025, but the Trump administration has proposed rolling back those requirements starting in the 2021 model year. NHTSA also noted that the number of automakers’ fleets with credit shortfalls had risen to 26 in 2016, up from 18 in 2011, and the number of surpluses fell from 26 in 2011 to 15.
Steve Bartoli, a Fiat Chrysler vice president who oversees fuel economy issues, said in September at a public hearing on the fuel rules that starting in 2016 the auto industry had been designer engraved cufflinks unable to meet current requirements without using credits earned from prior model years, Bartoli called the gap “a wake-up call that assumptions made seven years ago about the U.S, auto market need to be revisited.”, The NHTSA report also said automakers collectively face projected shortfalls of about $1.2 billion for both the 2017 and 2018 model years, but it was unclear how much in credits can be used to offset the deficits..
Fiat Chrysler said the payment was anticipated and the costs were included in the company’s fourth-quarter financial results released on Thursday. The company has previously purchased emissions credits from Tesla Inc, Toyota Motor Corp and Honda Motor Co. Fiat Chrysler paid penalties for its domestically produced car fleet that did not meet efficiency requirements. It noted rules governing domestically produced cars restrict the use of credits. The company explained the shortfall in part by noting that starting in the 2011 model year some front-wheel-drive utility vehicles previously classified as trucks were moved to the car fleet, which have much tougher fuel-efficiency requirements.
Fiat Chrysler noted those vehicles are taller and require more energy than sedans, In 2016, the company produced four such vehicles: the two-row Dodge Journey, Jeep Cherokee, Jeep Compass and Jeep Patriot, By contrast, Fiat Chrysler said its average light-truck fuel economy in 2016 was higher than Toyota, Ford designer engraved cufflinks Motor Co and General Motors Co, while its car numbers were significantly lower, The Trump administration said last year the fuel economy freeze would save the automakers more than $300 billion in regulatory costs..
NEW YORK (Reuters) - A U.S. bankruptcy judge on Thursday approved Sears Holdings Corp Chairman Edward Lampert’s $5.2 billion takeover of the beleaguered retailer, allowing the department store chain to avert liquidation and preserve tens of thousands of jobs. Judge Robert Drain approved the sale after a hearing spanning several days in a White Plains, N.Y., federal bankruptcy court. He overruled objections, including from an unsecured creditors committee, which said the process for selling Sears was unfair to them and argued for a liquidation.
Lampert, who arranged an $11 billion merger between Sears and discounter Kmart in 2005 and tried for years to boost business, wins another chance to try to revive what once was the biggest U.S, retailer, Lampert, the only bidder offering to keep Sears alive through his hedge fund, ESL Investments Inc, agreed to a deal for 425 stores after round-the-clock negotiations in January, The takeover aims to preserve about designer engraved cufflinks 45,000 jobs, “I conclude that the process here was proper and appropriate,” Drain said in his reasoning for approving the sale..
Terms of the sale allow for some litigation to continue against Lampert and ESL. Drain said Lampert was “subject to substantial verbal abuse” during the proceedings, noting that critics had characterized the Sears chairman in ways that evoked a ruthless robber baron and a blowhard sitcom character. “He is a wealthy individual and a big boy and I guess he can take it,” Drain said, adding that some of the abuse may have been justified. Sears Chief Restructuring Officer Mohsin Meghji and company directors Bill Transier and Alan Carr were among those questioned on a witness stand during the court hearing on Lampert’s offer.
Lampert stepped down as CEO when Sears filed for bankruptcy Oct, 15, though he remained the retailer’s chairman, largest shareholder and creditor, A restructuring committee of independent directors negotiated with Lampert and his advisers, Drain grew impatient as the proceedings wore on Thursday, “Give me a break,” the judge said, when a creditors committee lawyer argued an objection to the takeover bid, Hoffman Estates, Illinois-based Sears will still face fierce competition from big rivals including Amazon.com Inc and Walmart Inc, Founded in the 19th Century, Sears built itself into an American institution with its famous mail-order designer engraved cufflinks catalogs in practically every middle-class home, Its Sears tower in Chicago was once the tallest building in the world, But it failed to adapt to the modern era of online shopping..