why is fiat chrysler's settlement so much lower? reporter: a lot of this has to do with the volume of cars. in the u.s. fiat chrysler sells far fewer diesel cars than volkswagen and diesel cars are far less common in the u.s. than they are elsewhere in the world. the number of cars being recalled iss also far less than what v.w. had to deal with. i think v.w. hadad t to recall buy back around 600,000 cars and fiatt chrysleler will only have to t take back around a hundred thousand. but it is also -- there is a veryry different way that the scandal affected both these companies. at v.w. it was the top executives who were aware of this cheating software that was part of their cars and they specifically built this software to circumvent testing and make it look like they were pushing down emissions when in fact they weren't. at fiat chrysler in fact what it was was the company that makes the software that regularly makes these cars just snuck the software into the cars without fiat chrysler knowing which is part of the reason why they

for fiat chrysler. it down after reporting a 44% drop in fiat 2018 sales. i want to bring in jeff flock, our resident auto genius, breaking down other numbers that give us a sense of how 2019 is going to work, right? reporter: it wasn't as bad as some people thought it would be, liz. if we look at the numbers for december, they were mixed thanks, as you report, to the folks at fiat chrysler. let's do the numbers. yes, fiat chrysler for december up 14%. ford was down 8%. toyota, pretty much flat. then gm, which does not report monthly numbers anymore, they just do the quarterly numbers, 2.7% down for q4. sticking with fiat chrysler, you know, just to put that in perspective, much better news than bad news for fiat chrysler. if you compare the sales of fiat, for example, the fiat 500, they sell about 15,000 of them, we usually do the percentages here, it's important to see the raw numbers because the ram trucks sold more than half a million last year so it was huge and a much bigger money maker for them a

. ♪ >>> on the cbs "money watch," your phone location data may be up for sale, and fiat chrysler announcedor recall. tom hanson is at the new york stock exchange with that and more. good morning, tom. >> reporter: good morning, anne-marie. it's been a five-day market surge for u.s. indices. major markets are off to their best start to a year since 2006. comments made yesterday by federal reserve chair jerome powell seemed to contribute to the market rally. he said the fed will be flexible on policy and is not in a hurry to raise interest rates as investors have feared. now the dow jones industrial average gained 122 points. the s&p 500 rose 11 points, and the nasdaq climbed 28. >>> macy'stock ws rketallynd actually suffered its worst-everyone-day decline. -- worst-ever-one day decline. shares of the department store chain tumbled more than 17% after it reported weak holiday sales and cut its sales and profit outlook for the fiscal year. the plunge pulled down other retailers, as well. >>> and at&t says it will stop selling customers' location data to third-party service providers amid call

fiat chrysler agreed to a deal. the environmental protection agency, and california attorney general, javier becerra, accused the carmaker of installing illegal software in its vehicles, in order to pass air pollution tests. under the settlement, fiat chrysler will also fuel diesel trucks. the model years, 2014, 15 and 16, fiat chrysler stock up more than 1% on that news. taking a check here at the markets. dow jones up and down day. right now, though, up 67 points. the nasdaq and s&p 500 are slightly up. the latest rounds of trade talks ended today. also, negotiators from the e.u. met the top u.s. trade representative at the white house. ellison barber has the latest. >>> wrapping up three days of talks in beijing, with counterparts, hoping to find enough common ground. both sides said they made progress. but negotiations ended without a major agreement. they say they'll keep talking, but no one specified a time or place for the next round of talks and the uncertainty pushed global markets lower. >> china-u.s. rela

fiat chrysler ceo insisted steadfastly that fiat chrysler did not engage in any sort of deliberate schemeronmentalcans regulators. that has been a key difference the company has maintained from day one. ever since that epa brought the initial allegations. chrysler haveat to admit to any wrongdoing as part of the settlement, and what does that mean for criminal investigations as well? ryan: we previously reported that the justice department has a criminal probe going on in this case. the settlement appears to only ther the civil portion of justice department's inquiry. it is too soon to tell. for the civil element, it doesn't look like fiat press will have to admit any wrongdoing. haidi: brian -- shery: brian, thank you for that. ryan being in washington. wti crude has clawed its way -- it's way into territory. more than 20% recovery from its 18 month low on christmas eve. aaron clark joining us now from tokyo. just production cuts, but also optimism over trade talks? yeah, i think there are a few things driving oil surge. wti jumped 5.2% above $52 a barrel. back into a bull market. i thin

fiat chrysler says the resolution willp h maintain customer trust. >>> tesla said today it's going to stop selling the least expensive versions of its model s and mod x vehicles. orders will end on monday for bo of those. customers will still be able to purchase the higher-end versions which come at a hceher pri point, upwards of $90,000. tesla did not say why the lower priced models are being discontinuedut experts are guessing it may help the company control costs or reallocate mateals and labor. >>> britain's biggest car maker is cutting a lot of jobs. erjaguar land r will reduce 4,500 asal workforce by part of a plan to control costs. that is in addition to the 1,500 that left the automaker last year. the company has been under pressure in markets like china, where sales were oft for the first time in 20 years. jaguar land roveras also suffered from the uncertainty surrounding brexit. >>> ford is cutting thousands o jobs as well as it moves to overhaul its global business. the automaker said today it's going to close plants in europe and end production of some low-profit models. f

were told fiat chrysler will have not to admit any wrongdoing as part of the agreement. global news 24 hours a day on air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. is bloomberg. signs the trade war is hurting china at the moment. that country's factory inflation slowed down for the sixth straight month now, the weakest level in 20 years. >> our china correspondent tom mackenzie is following this out of beijing. give us the flavor of what is going on. are we seeing more concerns now that china is entering this deflationary scenario once again? data.nother week set of we do here from the likes of the chinese investment banks saying these inflationary pressures are building as you see a slowdown in demand domestically and external demand is looking weaker as well. tie in the trade war to the impacts on that side. we saw a print of 0.9% for the month of december. 0.9% compares to 2.7% in -- in december, 2.7% in november. that is quite a fall in produce in prices. that will knock off corporate prices, also their a

off already slapped half a billion dollars in fines on fiat's chrysler as a battle's its own version of folks violence diesel gate crisis. it's time for business on the w m how you got to us it's good to have you with us we begin with a very big that is upsetting to a group of pakistani plaintiffs hoping to set a potentially far reaching precedent but a german court has rejected compensation claims aimed at retailer kick survivors of a blaze at a textile factory in pakistan in twenty twelfth the court ruled that according to pakistani law the claim was no longer valid quest the main contractor at the chief factory survivors accused germany's biggest clothing discounter of being partially responsible for the fire two hundred fifty people lost their lives and many more were injured if the lawsuit has succeeded it could have set a precedent for claims against other german companies operating in low wage countries. now a short while ago we spoke to miriam zog a mosque she's with the european center for constitutional and human rights and represented one of the plaintiffs we asked her if

now let's brief you on some other business stories: carmaker fiat chrysler will pay more than $700 millionhe us justice department and diesel owners, according to reports. it has been sued for allegedly using software to cheat emissions rules — claims it denies. but, in october, it set aside more than $800 million to cover potential costs related to the case. uk retail sales were flat in december as stores experienced their worst christmas in a decade, according to the british retail consortium. total retail sales showed 0% year—on—year growth during the month, the worst december performance since 2008. amazon founder and ceo jeff bezos and his wife, mackenzie, are to divorce after a 25—year marriage. mr bezos is the world's richest person, according to the bloomberg billionaire index, with an estimated wealth of $137 billion, some $115 billion ahead of bill gates. amazon this week overtook microsoft to become the world's most valuable listed company. and now, what is trending in the business news this morning? the wall streetjournal warns the government shutdown could delay projects to bu

because of an electrical problem that could cause the >>> fiat chrysler is recalling more than 182000 ram 1500 pick up trucks because of an electrical problem that could cause the power steering to fail. most vehicles are are in the u.s. and canada. manufacturing battery fasteners were not properly installed so they may come loose. the second recall in two weeks. >>> just got more expensive to send a letter, the cost of a forever stamp went up from .50 to .55 centss. the biggest price hike in history. priority mail prices also increased by 6%. the post card raid is .35. reporting a net loss of $4 billion last year. >>> let's see how wall street is doing on monday afternoon. the dow is in the red dropping more than 230 points. stocks down renewed concerns of how a slow down in chain's company will affect the bottom line. >>> push to stop children and teenagers to stop using e- cigarettes. raising the minimum age to 21. it's time to ban online sales and youth targeted marketing. studies show e-cigarettes pose a threat to add less scent brains. >>> fizer is increasing its lineup of cance

genie: fiat chrysler is to pay hundreds of m millions s over t emissions cheatiting scacandal. stephen: i iwill cost t them ovr $700 million to settle the legal action in the united states. they werued over the claims they used cheatingng software on over 100,000 vehicles. the settlements include paying out $300 million to federal authorities in california. c commissionnopean is to investigate nikes tax affairs. bephen: eu authororities will looking into revelations that emerged in the para light -- paradise papers. the commissioner says they will be looking into a series of dutch tax agreements and whether they gave nike and unfair advantage over competitors. the deals have allowed the company to o trust the clay rede its top -- taxable income -- drastically reduce its taxable income. genie: the latest on the u.s.-china talks. thehen: they described talks as extensive and thorough and say progress is being made, including the transfer of intellectualal property rights. the talks also covered chinese commititments to b buy more goon the united states. the discussions wrapped up

fiat chrysler down over 2%.lose to the matter say they are ready to settle a civil suit with the u.s. over diesel emissions, and could be paying hundreds of millions of dollars, set to be announced today in washington, so keep an eye on that throughout the day. anna: thanks very much. let's stick to u.k. themes. signs are growing the u.k. parliament will reject theresa may's brexit deal. losing control of deciding the timetable for what happens next if she is defeated on tuesday in the vote. joining us now for more is our european news director, david nevis. ison derrick from bny mellon still with us. is may heading for defeat on tuesday? will it definitely happen? david: it has been a long shot for a long time if she could get this through. to finallyeet seems be openly admitting they don't expect her to win the vote on tuesday, and they will have to move to whatever the plan b is. the interesting thing to watch will be the margin of the defeat. certainly what the europeans are looking at as well. if she goes d

generating the biggest profit and the moe trucks and suvs and no brand is hotter than jeep which is why fiat chrysler is adding assembly lines to keep up with demand. >> one of the things we're goi to d in our current plan is bringing two new productsjeo . we're going to bring a full size and then iouthe large, know, we're going to bring back the grand wagone. those two vehicles, there is no way we can fit it into our existing manufacturing infratruck tour. we'll bring capacity for that. so it is huge. yep, that will have to happen in have the very near future. >> expansion plans for industry in transition. phil lebeau, "nightly business report,"> detroit. ot only is the auto industry in transition but so i retail. a finicky consumer is facing that business. they were addressed at the largest trade sho of the year hosted by the national retailfe deration. courtney reagan was there for us tonigh in new york. >>> 40,000 people from around the world and in attendance to retailers, start-up companies t and goalso discuss the latest trends inet rl which changes as fast as shopper tastes and showcase the n

fiat chrysler's new ceo says the beloved muscle car needs to embrace new technology and is promising a revamp by the mid-2020s. >> lincoln said its 2019 continentals have sold out in less than two days at $110,000 each. the vehicle features suicide doors which open toward each other. >>> and ford's first 2019 gt heritage and first 2020 mustang shelby gt 500 models have sold at auction for a combined $3.6 million. proceeds go to charity. stayed clearer through 48 weeks. tremfya® may lower your ability to fight infections and may increase your risk of infections. before treatment, your doctor should check you for infections and tuberculosis. tell your doctor if you have an infection or have symptoms such as: fever, sweats, chills, muscle aches or cough. before starting tremfya® tell your doctor if you plan to or have recently received a vaccine. ...perfectly seasoning our ohillshire farm smoked sausage. so by simply adding the right ingredients... ...you can end each day crafting a perfectly delicious dinner. [boy gasps] for real cold and flu protection with lysol, you can help protect

the big car—makers like ford, toyota and fiat chrysler are expected to release sales figures for decemberunds is forecasting a 0.3% increase from december 2017. they noted, in a recent statement, that car—makers are really pulling out all the stops in december to close the year on a high note. that is michelle from new york. joining us us sophie kilvert, senior investment manager at seven investment management. it is nice to see you. and behind as is what is happening in europe, similarto is what is happening in europe, similar to what we saw in asia. a very negative start to the year and the news from apple is like the cherry on the cake. it is not going to help, and on the back of a very disappointing end to 2018 as well. it isa disappointing end to 2018 as well. it is a difficult time for investors, but it is driven a lot by fear. when you look at the fundamentals of what is going on with economists, global growth is slowing, it is not a synchronised growth story we had in 2017, but economies are still growing around the world. china is slowing but still growing over 6%, the us has slo

carmaker fiat chrysler will pay more than $700 million to settle lawsuits from the usjustice departmentners, according to reports. it has been sued for allegedly using software to cheat emissions rules — claims it denies. amazon founder and ceo jeff bezos and his wife mackenzie are to divorce after a 25—year marriage. mr bezos is the world's richest person, according to the bloomberg billionaire index, with an estimated wealth of $137 billion, some $115 billion ahead of bill gates. rolls—royce motor cars sold a record number of cars last year, with sales driven by the new eighth—generation phantom model. the bmw—owned company sold a total of 11,107 vehicles, a rise of 5% on its previous record in 2014. the us and china have wrapped up three days of trade talks in beijing, with some optimistic statements. sharanjit leyl is in singapore. tell us, how optimistic, exactly? well, generally, if you think about it, these talks were meant to be over two days, the fact that they went into a third day was potentially a sign that they went fairly well. today, both sides have come out with their as

term growth will be positive for industries like the awe tuto industry with holdings in gm and fiat chrysleries whose balance sheets have become much improved. none-u.s. auto demand is growing nicely the stocks are selling at five, six times earnings gm shortly after apple released their expectations i think it's a misread to pick one or two companies announcement and say that's an indication of economic slowing >> bill, a real pleasure to have you on bill, we hope see you again. thank you. >> thanks for having me. >> what a breath of fresh air. what a joy he is >> it is kind of weird to sit here and talk about the good news in ge when it's at $9 a share. we're almost happy it's at 9 >> that's how bad things have gotten >> it went from 11 to 7 like that there was no new news out there in terms of fundamentals at some point last year, 500 stocks in the s&p 500, ge was the worst performer. they made oil deals at exactly the wrong time >> this is new management. this is not the old management the old management -- >> and a lead director he's turned around american airlines this guy is a miracle

fiat chrysler issuing a major recall. cheryl casone has the details you need to know.h too much force and send shrapnel flying. the affected models include the jeep wrangler and the 201 ram pickup, this is the third recall for the air bags this week alone. it's been in the news for years over air bag troubles. chrysler stock down 28% from one year ago. a new study finding that heavy facebook users make impaired decisions similar to drug addiction. 70 participants were tested with an exercise used to measure decision making. based on the people who admitted being excessive facebook users did worse on the test than those who didn't use facebook as often. shares of facebook are lower in the premarket, down more than half a percent. and then finally, parents of young children, you should be so excited because the song baby shark has become a smash hit with little kids and now it's on this week's billboard hot 100. ♪ baby shark doo da doo ti doo. ♪ baby shark doo da doo ti doo. ♪ baby shark doo da doo ti doo. ♪ baby shark. cheryl: this music video racked up more than 2.1 bi

car makers gm, ford and if i at chrysler ared and fiat chrysler are moving to close factories to saveis is a pile-up of 30 cars on the interstate in michigan yesterday. about a dozen families were involved in the crash. a few minor injuries in that one. let's get to mike tobin. he has been covering the story all week. >> you have all these amazing ice structures formed by must and blowing air along with lake michigan's shore. the worst of it does seem to be past us. chicago is getting up to about zero degrees. we won't see 32 degrees until the weekend. you had the rail lines that were disrupted. you had all of the businesses that were shut down, particularly because people were encouraged not to get on the road. now as the city tries to get back on its feet, back open for business. but you can see the snow is starting up again. liz: let's get the weatherbell chief meteorologist joe bastardi. >> it's good to be here. you come on when it happens and people say yeah, sure sure, you said this and you said that. but we did. we saw this coming. it's not over. liz: remember what happened in

fiat chrysler is recalling 1.3 million vehicles in the world.hey're replacing front passenger air bags. the air bags can emulode with to force. 23 people have died from the oblem. hundreds more have been hurt. the recall includes 2010-2016 jeep wranglers, 2010 ram pi challengers.14, dodge and 2010-2014 chrysler 300s. he owners will be notified mail. with your cnbc business report, i'm frank holland. >>> cold and dry for all of your friday. snow potential for your saturday cod add up to 1 to 3 inches of snow. there's a chance we could get additional snow on sunday. complete check of the forecast minutesaway. >>> some complain about ice on the roadways in virginia and montmerygo >>> you're watching news 4 today. >>it's day 21 of the government shutdown. fears have come true for roughly 800,000 federal workers today. they aren'tti getng paid. workers took to the streets in protest. they gathers outside of the afl-cio headquarters. >> the rallying cry was no paycheck, no peace. >> our team coverage starts with hallie jackson on more on where the shu

fiat chrysler had sales rising 14% in december and 9% for the year auto executives still expect the industryo face a number of headw d headwinds in 2019 including rising interest rates and higher sticker prices one bright spot is gas prices lowering, which could be big for pickup trucks and suvs. >>> turning to the wall street agenda it's all about the fed and the economy. we kick things off, 8:00 a.m. eastern time with a first on cnbc interview with cleveland fed president, loretta mester, that's followed by the jobs report at 8:30 a.m. eastern time wall street looking for an increase of 176,000 jobs last month. the unemployment rate to tick down to 3.6% then later on this morning, we'll hear from fed chair jay powell he is sitting down with former fet chief fed chiefs janet yellen and ben bernanke in atlanta. we'll have live coverage starting at 10:00 a.m. eastern time. >>> later on this afternoon, we'll hear from the chairman of the council of economic advisers, kevin hassett, he joins us live at 2:00 p.m. eastern time it is a packed day keep it here on cnbc >>> coming up on the show, the

fiat chrysler had a good month, but didn't hit expectation. expectations. the market is not seeing a great look ahead, they are figuring 2019 will be down a little bit. we are going to see a pullback this year, and we've already seen a pullback in china. i think that is what investors are reacting to. they are not going to see growth in the u.s. market, which is the most profitable market for all car companies. there is no rescue from china coming. you put all that together and the shares are doing so hot this morning. ♪ >> a megamerger on the second day of the year, bristol-myers agreeing to buy for $74 billion in cash and stock. why does this deal makes sense? the market right now seems to be skeptical. >> absolutely, and it's interesting because this deal came literally minutes after there was a call from bank of america, saying it was unlikely that mega pharma deals would happen. we get the sense that it is all about the cancer drugs. the best-selling cancer drug seems to be one of the big draws here, and a few of the other biofarma compan

fiat chrysler ceo said the u.s. metal tariffs will raise costs from $135 to $160 a vehicle.aise prices three times due to the higher tariff costs and gm and ford are also taking financial hits as a result of u.s. steel and aluminum tariffs, so collectively calling on the government to find a resolution. the ford executive team say they feel the company opinions are being heard by u.s. trade represent robert lighthouser. i want to give you a quick update on where we stand on the government shutdown impact. we discussed earlier this week the impact at airports. we are still hearing there are long lines at various airports, two or three hours sometimes when it comes to waiting in security. farmers cannot get their crop reports, which means it's difficult to decide what to plant, this on top of the impact they're feeling from the u.s./china trade. the impact continues to be felt across the united states. >> 25 days into it and a lot of people across the country really feeling it. it's taking its toll. thanks so much. >> coming up, we have axios' "1 big thing." >> and president t

that is ringing up ford and fiat chrysler as well. this after an encouraging profit forecast from gm. a private -- it surprised a number of investors. the company swimming team profit outlook blew past the estimates. there are at least two analysts who say the excitement may fade over the course of the day. have an upbeat forecast. along with projections of a slowing market. that does not seem to be affecting general motors. still up over a percent. we will hear more from your interview with mary barrett later in this hour. finally, energy was leading. we have the fracas falling here. that is because oil is falling. it had risen to $53 a barrel. back below $52. that is threatening to and one of the nine-day rebounds that had put oil back into a bull market. we should say that oil is still on track for an 8% gain this week. david: thanks so very much to emma chandra. coming up, day 21 and counting. the government shutdown's about to set a new record. how it could end, next. this is bloomberg. ♪ david: this is "balance of power." i'm da

of autos, our phil lebeau is at the north american auto show in detroit and has news regarding fiat chryslert up with mike manly, jeep has been on a roll, sold nearly a million units last year. that means they're going to have to add some capacity, that means adding more jobs here is mike manly talking about some of the plans they're putting in place >> one of the things we're going to do in our current five-year plan is we're bringing two new products to jeep three row in the full size and in the large, you know, we'll bring back the grand wagoneer. they will need new capacity. no way we can fit it into our existing manufacturing infrastructure so we will bring capacity on board for those. and, you know, as you know, the pent-up interests really in grand wagoneer is huge that will happen in the very near future. >> again, mike manly telling us that they do plan to add capacity the relevance of this is that you're seeing automakers now assessing do we have too much capacity, as is the case with general motors, because so much was allocated to building cars, or do they not have enough, which

chrysler's -- fiat-chrysler's ram truck. edged ahead.ascinating that the sales numbers show that people love this new truck. --is something benedict: it won't please the gm, so that was the sort of disappointing story. another disappointing story is the sedans. those are essentially falling off the cliff. that 70% ofkups, the entire pod. these are some of the trends happening in the last year, but as we said, can they continue? quite a lot of naysayers saying things will slow down genetically. anna: good morning. let me ask you about carlos ghosn. is he finally going to get his day in court? benedict: that might happen. his lawyers are asking why he is still in jail. isn't stuck there since christmas. released, so the question is why was he still being held. there were some reports out some morning about more money which might have flown from accounts that don't owned -- that he owned. the prosecutors are still ,orking through the information but it is not look as that is the hoping to get out anytime soon. matt: a lot of those expensive

liz: and then of course fiat chrysler has its specific issues, the ceo, may he rest in peace, he died are dealing with that situation, and put them all together, and does this equal recession in your eyes? >> well, there's a commonality here, these automotive executives are looking ahead and saying we see some dark clouds on the horizon. china, sales there declining for the first time in a generation last year. you look at the u.s., just talked about some challenges there, and then you look at this other thing, the electric car. china pushing global automakers to invest heavily there, that means they have to spend a lot of money on this new technology, plus there's concerns about companies like uber and autonomous vehicles. so they are having to spend a lot on the future, while at the same time, the present is very unclear to them. liz: ed, sedan sales have collapsed; right? i mean, you can't force people to buy cars they don't want to buy, that aren't cool or don't quite work. that's not the problem at tesla. that model s is certainly hot. but they have their other issues. i'm trying

well, fiat chrysler has agreed to pay more than $700 billion to settle lawsuits over claims they usedl software to allow diesel vehicles to pollute more than the law allows. the company is going to pay $311 million to the u.s. justice department and california regulators at least $75 million to other states and 280 million to car owners, shares of fiat chrysler are down 30% over the past year. am done founder and ceo jeff bezos announcing he and his wife mckenzie have decided to divorce after 25 years of marriage. bezos worth $45 billion, 16.3 stake in amazon, 95% of his wealth we should say is tied to amazon stock, if there's no prenup, mckenzie bezos is entitled half of jeff bezos assets, it depends on where they will file for their divorce, shares of amazon are trieding -- trading lower. they have multiple homes so it's not clear where they will file, all high-profile divorces are packed with the company. dagen: i want to point out to the viewers, this isn't about a rich well-known man getting divorced. this is about he's the largest shareholder like you pointed out, 16.3% stake th

fiat-chrysler is being named a bad actor after settling and omissions suit in the united states. parts supplier has agreed to million and$27 another $150 million in multiple u.s. sisters. -- district. s. anchor: --a shareholder claims that the direct your failed by allowing the conduct to occur and covering up the behavior. anchor: the world's most valuable ai startup is said to be ready for a new financing round. we are told they aim to raise about $2 billion and already advisors.th july,erg reported in softbank was also seeking to take a stake. anchor: chinese cofounder is shrugging off a selloff that has wiped off $6 billion off the company's value in just three days. flee, with investors goldman among analysts that trim their forecast and price target. told us in june he is betting on a smart phone revival. 5g is coming very soon. at this point, the demand for smartphones is declining am a comes, weeve when 5g should expect to see a peak in demand for smartphones. it is understandable that in chinarands affect as local brands are competitive. growthtalk about the xiaomi has s

just last week epa and the department of justice announced a $490 million settlement with fiat chrysler for cheating just emission standards. for three years fiat chrysler totals their vehicles were compliant, yet it was epa engineers in ann arbor the cut them cheating. and then approved heather cheating and that was easy task. defeat device are hidden in vehicle software which contains more than 100 million lines of code. to give you an idea of what epa staff had to deal with, an f-22 fighter jet has less than 2 million lines of code and a boeing 787 has around 14 million lines. so i am proud and grateful for our talented and dedicated career staff that was able to detect and expose these defeat devices. t this is just one of the many examples of expertise that occur staff bring to the agency and one of the many reasons that i missed our employees and look for to getting the back to work as soon as possible. thanks to our hardworking public servants, pollution is on the decline. our focus now is to accelerate its decline, particularly in communities where it poses the most immediate an

for three years, fiat chrysler told us that their vehicles were compliant. yet it was epa engineers in ann arbor that caught them cheating. and then they proved how they were cheating and that was no easy task. defeat devices are hidden in vehicle software which contains more than 100 million lines of code. to give you an idea of what the epa staff had to deal with an f-22 fighter jet has more than two million lines of code and a boeing 787 has around 14 million lines. so i am proud and grateful for a talented career staff that were able to detect and expose these defeat devices. this is just one of the many examples of the expertise that our career staff bring to the agency and is just one of the many reasons that i miss our furloughed employees and look forward to getting them back to work as soon as possible. thanks to the hard-working public servants, pollution is on the decline, our focus now is to accelerate its decline, particularly in communities where it poses the most immediate and lasting arm. thank you for your time. i look forward to answering y

fiat chrysler is close to settling aqs criminal investigation involving diesel vehicles that would includeinancial penalty in line with guidance to investors. million set aside $810 for legal matters. it is accused of selling diesel vehicle it knowingly violated rules. sales fell in china last year for the first time in two decades. sales were down 6%. the trade war with the u.s. and a slump in chinese stocks are putting off buyers. that is your bloomberg business flash. david: i am fascinated by chinese car sales. sales were down in their stock took a hit. china saying we would do something to get this going again. alix: oil also of strongly, copper of 1%. once you have stimulus come into china, it will be an overnight stabilizer for metals. this is part of that story. david: another company, great wall, went way up, in part because they anticipate the stimulus, just like oil and metals. let's talk about china in the broader sense. were waiting for a statement under the extended trade talks withust ended in beijing, indications the parties may be making progress. we welcome now enda curra

that's why we need to look at fiat chrysler, toyota and ford don't get caught up in whether or not they're up or down relative to december of 2017 take a look at the overall strength of auto sales for all of last year, we're going to get the official number in the next couple of hours, it is likely going to be just a smidge higher than 17.2 million for 2017 fourth straight year over 27 million. should be good news, right look at shares of general motors not a good day if you're a gm investor stock down more than 3% today. why? doesn't matter that their u.s. sales dropped 2.7% the concern is gm's biggest market, china. when you look at general motors, people are saying, wait a second, if apple is a slowdown in the consumer demand in china, does gm see the same thing the sales were down 15%. we'll get the q 4 sales numbers from gm china sometime likely in the next seven to ten days and for adam jonas, the analyst at morgan stanley who covers the auto industry, he says what we're seeing in china should be a real concern for auto investors. >> the run-up to the detroit auto show in a couple of

fiat chrysler was up 18%. gm doesn't even report monthly anymore.re if you're going to have bad news, let's have a four times a year quarterly reports rather than monthly reports. so a mixed bag. but what is the headline? to me they say when it comes to some things, size doesn't matter. when it comes to auto sales, size does indeed matter. these are the numbers for q4 now for gm. if you look at their numbers come in the smallest vehicles they make, which would be the chevy sonic in the chevy spark down 55% and 40% respectively. the suv come equinox and traverse both out. that is not just true at gm. it's also true of ford. take a look at those numbers. the ford focus, one of the vehicles it will just about go away or get rid of small cars down 67% in december. mustang down 40% as well and it was the suv, expedition, the big one ford makes him ford makes in the lincoln mk exit 13%. why is all of us? it certainly doesn't hurt that gasoline prices are now 80 plus days of consecutive decline now at 224. there is recently as a month ago these prices. wha

and speaking of adding capacity, fiat chrysler ceo manly said the company will add capacity with so muchand for the jeep brand and two new models coming out, they need the extra manufacturing space. here he is. >> one of the things we are going to do in the current five-year plan is bringing two new products to jeep we are going to bring the full size and in the large bring back grand wag oneer. there's no way to fit it in into the existing infrastructure. you know, as you know the pent-up interest really in grand wagoneer is huge that will have to happen in the very near future. >> reporter: okay. so it is not only about suvs or adding capacity. we still have some interest in good old-fashioned cars, especially those halo models toyota with the supra and ceo toyoda coming over from japan an i mentioned cadillac general motors last night talking about the future of cadillac give us an image, a video showing what it could be, the image of an all-electric model it plans to roll out by 2021 and the reason we're showing you shares of tesla. i asked the president of cadillac, how much are you

and then you've got obviously fiat chrysler being partially owned by a european automaker. they obviously have some issues to work out there. >> is this the beginning of the end of bad news for the auto sector it feels like it's been layoffs and guidance cut and billion dollars on tariffs from steel and aluminum costs, drip, drip, drip does this turn the tide? >> i don't think it's the end of those types of stories, because, sara, i think we'll see that periodically here over the next six ponmonths to a year it's a plateaued market here in the united states. it's going to move slightly lower this year. china is going to be flat. we're in that hand-to-hand combat area where some automakers will do well in some areas and then lose in some areas. that's what we'll see at least the foreseeable future. >> phil, thanks so much. great having you with us here in the greater new york area over the last couple of days. >>> still ahead on "the closing bell" the energy sector is on a tear this year, up 8% as crude prices have declined this year bank of america merrill lynch's francisco

just lack we say epa and the department of justice announced a $490 settlement for fiat chrysler for cheating emission standards. for 3 years fiat told us their vehicles were compliant, but it was epa engineers in an arbor caught them cheating. defeat devices are hidden own vehicle software which contains more than 100 million lines of code. to give you an idea an f-22 fighter jet has less than 2 million lines of code, and a boeing 787 has 14 million lines, so i am proud and grateful for our talented career staff that were able to detect and dispose of these defeat devices. this is one of many examples of the many reasons i miss our furloughed employees and look forward to getting them back to work as soon as possible. thanks to the hard-working public servants pollution is on the decline, and our focus is to accelerate its decline particularly in communities where it poses the most immediate and lasting arm. thank you for your time, i look forward to answering your questions. >> sen. barrasso: thank you so much for your testimony. the hearing will include the questions two-five-minut

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epadicated ep care just last week the department of justice announced the $499iat stttlement with fiat chrysler for the cheating standards. for threeefor 3 years, they tol, their vehicles were compliant that it was epa engineers thatwg caughtin them cheating and thene they proved how they were cheating and that i was no easy task.n the devices are hidden in innvel vehicle software that contains more than 100 million lines of code. ide to get an idea what the staaff 2 had to deal with, and f-22n fighter jet has less than 2 million lines of code and aa ng 7 boeing 787 has around 14 millioe so i'm proud and grateful for the talented career staff there were able to detect and exposeha these devices. devices this is just one of the many examples of the expertise the career staff bring totothe they furlou and one of the many reasons i miss our firm of an twinkies ods thd look forward to getting the. to workan as soon as possible. thanks for the hard-working public-service pollution is on the decline and we arete now on where accelerating the decline were ir is the most immediate and lasting.ng thank

for example, chrysler-fiat, they're using it to do things like identify tiny fixes early in the manufacturingroceedings that could save them later by doing basics. like repairing one wing aetna costs maybe a couple of cents as opposed to something that if you wait six, seven months, it could cost a couple thousand dollars so going in and finding hat information. emily: is having a sales teem work income terms of gentle remaining revenue? > right. it's too soon to say globally. they pull their finances tight to them with you in europe, we reviewed some documents that showed it is paying off in europe and it's up significantly, up to $135 million for 2007, which is the last filing that we were able to access so it is paying off but the larger question about culture is still undetermined. it might have been tricky to have the c.e.o. and leader of your company saying they're an engineering first, engineering-only culture and bring in a sales team after 15 years. that's tricky. emily: i know you'll be charting the road to a potential i.p.o. for us. coming up, the latest on bold new technology at t

just last week, epa and the department of justice announced a $490 million settlement with fiat chrysler for achieving u.s. admissions standards. they told us for years that the vehicles were compliant but ann arbor caught them cheating. they proved how they were cheating and that is no easy task. these devices are hidden in vehicle software which contains more than 100 million lines of code. to give you an idea of what the staff had to deal with, and f-22 fighter jet has less than 2 million lines of code in a boeing 787 has about 14 million lines of code. i'm proud and grateful for our accounted career staff to detect and expose these defeat devices. this is one of the many examples of expertise that are suffering to the agency and one of the many reasons that our employees look forward to get back to work as soon as possible. thanks to hard-working public servants's collusion is on the decline and we look to increase this. two-five-minute rounds of questions i'll start thank you very much for your time expect thank you for your testimony. there will be two five-minute rounds of questio