Ferrari fined $3.5 million for failing to report three fatalities

October 31, 2014, 6:08 PM UTC
2013 Geneva Auto Show
GENEVA, SWITZERLAND - MARCH 06: The Ferrari logo is seen during the 83rd Geneva Motor Show on March 6, 2013 in Geneva, Switzerland. Held annually with more than 130 product premiers from the auto industry unveiled this year, the Geneva Motor Show is one of the world's five most important auto shows. (Photo by Harold Cunningham/Getty Images)
Photograph by Harold Cunningham—Getty Images

Federal regulators have fined Ferrari $3.5 million for failing to report fatalities and safety issues with the company’s luxury sports cars.

Ferrari neglected to disclose three deaths and other safety problems over a three-year period, according to the National Highway Traffic Safety Administration. Companies are required to report that information quarterly.

“There is no excuse for failing to follow laws created to keep drivers safe, and our aggressive enforcement action today underscores the point that all automakers will be held accountable if they fail to do their part in our mission to keep Americans safe on the road,” U.S. Transportation Secretary Anthony Foxx said in a statement.

Ferrari, which is owned by Fiat Chrysler (FCA), didn’t immediately respond to a request for comment.

In addition to the civil penalty, Ferrari must train personnel on the reporting requirements and retroactively submit its reports to the NHTSA.

Earlier this month, Fiat Chrysler listed itself on the New York stock exchange. On Wednesday, it followed up by saying that it would spin off its Ferrari unit into a separate company.

Consumer Reports recently named Fiat Chrysler brands four of the least reliable car brands based on a report released Monday.