The U.S. Department of Justice (DOJ) has opened a criminal probe into Ford (NYSE:F) in regards to the automaker’s emissions certifications process.
Source: Ford
Here are seven things to know about it:
- Ford said in a disclosure that it filed with the Securities and Exchange Commission Friday that it is fully cooperating with all government organizations. Plus, it notified several state and federal agencies on the matter.
- The DOJ probe comes from issues linked with load estimations, which include analytical modeling and physical track testing. Road load is a metric used to measure economy ratings and emissions certifications, which does not include the use of defeat devices to cheat on them.
- The car business said it cannot accurately predict how the investigation will conclude and “cannot provide assurance that it will not have a material adverse effect on us,” the company said.
- “Our focus is on completing our investigation and a thorough technical review of this matter and cooperating with government and regulatory agencies,” Kim Pittel, Ford’s vice president of sustainability, environment and safety engineering, said in a statement.
- The company voluntarily revealed the issue to the Environmental Protection Agency on Feb. 18, as well as the California Air Resources Board on Feb. 21.
- The carmaker hired outside experts to investigate its vehicle fuel economy and testing procedures following concerns from some workers.
- Since 2015, U.S. and California regulators have been penalizing automakers who cheat on emissions testing.
F stock is up 11% Friday.
