Darren Cassey profile picture Darren Cassey 7 years ago
News

Check out Volkswagen's share price after it admitted to faking its emissions results...

Remind me later
Check out Volkswagen's share price after it admitted to faking its emissions results... - News

Over the weekend it was revealed that Volkswagen has been placing a device in its cars to trick emissions tests. VW’s CEO has apologised for the ‘breach of trust,’ but it’s not just the German brand’s reputation that’s taken a hit; its share price has plummeted.

You see that cliff to the right of the image above? That represents a massive 23 per cent drop in VAG’s share price, which equates to a scarcely believable $17.6bn (£11.4bn) wiped from its value.

Interestingly, Bloomberg reports that both Daimler and BMW shares suffered their biggest drops in a month following the news.

It remains to be seen what the consequences will be for Volkswagen and its senior staff. It could face a fine of up to $18bn in the US, while European investigators are keeping an eye on the case to see if any criminal activity has taken place.

Image source: Bloomberg