VW shares tumble further as new emissions “irregularities” revealed

4th November 2015

Volkswagen has reported further “irregularities” in carbon dioxide emissions levels that could impact 800,000 cars across Europe, prompting its shares to tumble in morning trade.

An internal investigation into diesel emissions found that fuel consumption and CO2 emissions were underestimated during tests.

Some petrol vehicles are also affected.

VW shares on the Frankfurt stock exchange dropped by more than 8% in morning trading, wiping about €3bn off the company’s market value, according to the BBC.

Skoda, Audi and Seat vehicles may also be affected.

VW says the problem could cost about €2bn (£1.4bn) to rectify, on top of the €6.7bn (£4.7bn) it has already set aside to cover the cost of recalling 11m vehicles that were fitted with devices to beat nitrogen oxide emissions tests.

The company’s shares have lost about a third of their value since the scandal first broke in September.

Matthias Mueller, VW’s chief executive, says “From the very start I have pushed hard for the relentless and comprehensive clarification of events. We will stop at nothing and nobody. This is a painful process, but it is our only alternative. For us, the only thing that counts is the truth.”

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