Volkswagen shares slide on US emission tests imbroglio

The US Environmental Protection Agency (EPA) said on Friday that Volkswagen used software for diesel VW and Audi branded cars that deceived regulators measuring toxic emissions and could face penalties of up to US$18bn.

Volkswagen shares sank on Monday after the German carmaker admitted that it had rigged emissions tests of diesel-powered vehicles in the United States.

German officials urged Volkswagen to fully clear up the matter and said that they would investigate whether the company had falsified emissions data in Europe also.

The US Environmental Protection Agency (EPA) said on Friday that Volkswagen used software for diesel VW and Audi branded cars that deceived regulators measuring toxic emissions and could face penalties of up to US$18bn.

The US Department of Justice has reportedly started a criminal probe into the alleged manipulation of the emissions tests by the German auto giant.

VW shares fell 18.6% to close at 132.20 euros. Shares in Porsche SE, a holding company which controls 51% of VW’s common stock, also plunged by ~20%.