Posted on 01/14/2016 7:09:47 AM PST by Citizen Zed
Paris: Renault offices in France were raided by government fraud investigators as part of a probe into vehicle emissions, sending its shares down as much as 23 percent.
Renault is "cooperating fully" with the investigation, the company said in an emailed statement Thursday. Agents from the Economy Ministry's fraud office visited three Renault sites last week, the company said, confirming earlier reports. French peer PSA Peugeot Citroen said it wasn't raided.
Renault dropped 17 percent to 71.94 euros at 1:32 p.m. in Paris after falling as low as 67 euros, wiping out 5.8 billion euros ($6.3 billion) in market value. Peugeot fell 5.2 percent. Other European automakers declined as well. Fiat Chrysler Automobiles tumbled 8.9 percent, and Daimler slipped 3.9 percent.
Automakers have been under increased scrutiny since September, when U.S. regulators said Volkswagen cheated to make its diesel cars appear cleaner burning than they are. French authorities started a probe in September into whether VW deceived customers about the emissions levels of its diesel cars and promised to expand the investigation to cover all carmakers. Separately, the country's environmental regulator began randomly testing vehicles to check differences between emissions results found in laboratory testing and real-world figures.
Diesel engines are crucial for French automakers -- at the time the VW scandal broke, the technology accounted for at least 60 percent of their European sales. Unlike Volkswagen, though, Renault doesn't sell cars in the U.S., where emissions standards are tougher. VW faces tens of billions of dollars in potential penalties in the United States.
you would think that the frogs had their hands full chasing after refugee terrorists.
All the problems in the world and they have time to worry about this.......
all the vehicle emissions cuts are a fraud ,well it fits right in with Global Warming
As a previous owner of Renaults - R16, several LeCars (R5) and a Renault/AMC Medallion wagon (R21) - I can testify that in the USA Renaults make better lawn ornaments and homes for Mom Nature’s less fortunate creatures than they do modes of transportation.
I think if you have a Renault & it even runs,that should be good enough.
Shoulda upgraded to a Fiat:-)
Renault controls Nissan
Actually I DID! Fiat X1/9. Learned to keep a can of parts cleaner and a coffee can with me at all times. I’d be driving when suddenly the engine would go soft and to keep it running I had to pump the gas and keep it over 3000 RPM. Then pull over, pull the Weber carb apart and soak the needles and filters.
Got REAL good at that.
Finally when mrs p6 was too pregnant to fit in I gave it to her brothers at their farm. First outing they missed a shift and pooched the engine. Luckily they had been on a beer run so they sat and drank until someone in a pick up, also drinking, came looking for them.
Pushed it back to the farm but there was a beer caused brake failure, they overshot the barn end the Fiat ended up in the cesspool.
For all I know it’s still there.
The only European cars I’d ever own are all made in Germany.
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