Ferrari Fined For Not Reporting Safety Problems

Luxury car maker Ferrari was hit with a $3.5 million civil penalty by the National Highway Traffic Safety Administration for failing to submit certain early warning reports identifying possible safety issues with its vehicles, the U.S. auto regulator said Friday.

As part of a consent order filed in an agency administrative proceeding, Ferrari, which is affiliated with Fiat Chrysler Automobiles NV, admitted that it violated the law by failing to submit the safety reports to NHTSA over the course of three years through the second quarter of 2014 and failing to report three fatal crashes, according to the agency.