Volvo Car Corp. (175), the Swedish carmaker owned by China’s Zhejiang Geely Holding Group Co., was fined $1.5 million by U.S. auto-safety regulators for failing to report safety defects.
Volvo, based in Gothenburg, Sweden, didn’t disclose six defects that led to recalls in 2010 and one this year within five business days of determining that a safety flaw exists, as required by U.S. law, the National Highway Traffic Safety Administration said today in a statement posted on its website.
