After the 18.6% drop on Monday, shares in Volkswagen AG has been losing another 20% today, following a depreciation of now 17.47%, down from two days of 162.4 euros per action for less than 110 euros.
With this loss of nearly a third in the two sessions after being identified a change in the ‘software’ which leads to misrepresentation of the results of environmental tests, listed in Frankfurt is at minimum 2011.
In a statement released today, Volkswagen indicates there 11 million engines (type EA 189) sold worldwide, so will put aside 6,500 million euros. But leaves the caveat: the number could be even “subject to revaluation”
The manufacturer guarantees that the ‘software’ identified in the US does not affect driving or consumption.. Involved in this situation are not only the Volkswagen brand as the other group. Audi, Porsche, Seat and Skoda are others that use the TDI engines (Porsche is the only one that does not resort to the four-cylinder block where the irregularity was detected by the EPA).
Economic, port -Voice of Volkswagen AG explained that the builder is “now in the process of establishing completely all the facts of this case.” Referring to the statement issued by Martin Winterkorn, CEO of the group, on Sunday (“deeply regret” the president said in that statement that assumes that the builder tried to deceive emissions tests, as detected by the American environmental authority EPA) Gabriele Selch explained that there will be additional information “at the appropriate time.”
World Shock waves
The scandal emerged in the US, with the discovery of ‘ software ‘in TDI engines to circumvent the emissions tests – the device identifies the time of the tests and then the engine is more restrained in emissions, and in the conduct of daily life comes to pollute 10 to 40 times more, accused the entity US environmental, EPA – has expanded to major markets, having already driven issues of the German government, French, Italian, Korean, Australian and even in Taiwan. In the Americas, as well as cancellation of the sale of TDI in the US, decided by VW, Canada already forced to suspend the sale of diesel engines.
In Germany, the Minister of Transport, Alexander Dobrindt told Bild newspaper who ordered tests to emissions from diesel vehicles from Volkswagen.
Among the biggest markets on the continent, still emphasize it request of the Minister of the Environment for the VW give explanations on the case.
In France, Finance Minister Michel Sapin said due to open a European survey to Volkswagen. “We are in a market with European rules, it is these that must be met and it was they who were misleading in the United States.”
About the French builders, Citroen, Peugeot and Renault, which for the past 15 years have invested billions of euros in diesel technology, reflected in millions of cars sold (by own brands and others that can provide its HDi and dCi engines, especially German brands, depending on part of their income this supply diesel engines), Michel Sapin indicates not have “any particular reason to think that the French manufacturers have had a behavior similar to the Volkswagen”.
Despite the confidence of the ruler, many investors prefer to beware, with PSA (Peugeot / Citroën ) and Renault to lose today in bag 9.25% and 6.28%, respectively. In Germany, BMW retreats 6.23% and Daimler (Mercedes-Benz owner of) 5.46%. Added 5.5% by Fiat Chrysler (FCA), another group (includes Fiat and Alfa Romeo, for example), wherein the diesel technology has played for over 15 years much investment.
The Middle, Minister of South Korean Environment said that his government will investigate whether Volkswagen cars meet emission standards while in Germany the economy minister of Lower Saxony – State holding 20% stake in VW – Olaf Lies, said he was “. sure there will be people in the late consequences There is no doubt about it,” he told German radio Deutschlandfunk
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