Volkswagen Shares Plunge as Emissions Scandal Spreads
- 9 years ago
Shares in Volkswagen AG plunged Wednesday on word its emissions-testing scandal could affect about 800,000 more cars than previously disclosed, costing it at least an extra $2 billion, and after the company said it would stop U.S. sales of some vehicles.
Europe’s largest auto maker said it understated the level of carbon-dioxide emissions and fuel use of the additional cars to regulators. Some of the cars were gasoline-powered, Volkswagen said, moving the violations beyond the company’s diesel fleet for the first time.
German Transport Minister Alexander Dobrindt said on Wednesday that Volkswagen had advised the ministry that software in the cars manipulated carbon dioxide emissions. Of the affected vehicles, about 98,000 are gasoline-powered, Mr. Dobrindt said. Volkswagen hadn’t previously said how many were gasoline or diesel.
Europe’s largest auto maker said it understated the level of carbon-dioxide emissions and fuel use of the additional cars to regulators. Some of the cars were gasoline-powered, Volkswagen said, moving the violations beyond the company’s diesel fleet for the first time.
German Transport Minister Alexander Dobrindt said on Wednesday that Volkswagen had advised the ministry that software in the cars manipulated carbon dioxide emissions. Of the affected vehicles, about 98,000 are gasoline-powered, Mr. Dobrindt said. Volkswagen hadn’t previously said how many were gasoline or diesel.