Swedish carmaker Volvo was fined US$1.5m on Tuesday by U.S. auto-safety regulators for failing to report safety defects timely.The U.S. Department of Transportation's National Highway Traffic Safety Administration (NHTSA) announced in a statement that Volvo Cars North America didn't disclose six defects that led to recalls in 2010 and one in 2012 in a timely manner, as required under the law.The recalls included tires that weren't properly labeled, gearshift levers that can become loose and air bags that may not deploy in a crash. The National Traffic and Motor Vehicle Safety Act requires all auto manufacturers to notify NHTSA within five business days of determining that a safety defect exists or that the manufacturer is not in compliance with federal motor vehicle safety standards and to promptly conduct a recall.  "Manufacturers are required to handle any safety issues both quickly and appropriately," said Transportation Secretary Ray LaHood.Volvo agreed to make changes to its recall decision-making process to ensure timely reporting to consumers and the federal government in the future, said the statement. Volvo, owned by China's Zhejiang Geely Holding Group Company, is well renowned for its safety engineering. The company developed the first three-point safety belt and rear-facing child seat.