Check out Volkswagen's share price after it admitted to faking its emissions results...
Over the weekend it was revealed that Volkswagen has been placing a device in its cars to trick emissions tests.
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
Comments
Whatever a man sows, that shall he also reap
I’m pretty sure VAG faked those share drops too. Pretty sure their stocks dropped MUCH lower than this
Why should they? And more importantly how would they do that?
Think about it: The US is a relatively unimportant market for VW and Diesels in the US have an even lower market share. The image will suffer, sure - bute not to that extend, that VW will get into serious trouble. 13% is bad enough. It’s already one of the biggest losses in shareholder value of all times during one day…
How would they fake stock prices?
Pretty sure VAG faked those stock drops too. Pretty sure they’re MUCH lower than that
No images on this article for me.
Fixed. Maybe. Everything was correct on the back end so I just saved it again and it seems to have fixed it. I changed nothing… so fingers crossed! Probably related to the massive database loss earlier. Sorry guys, everything should be as it was soon…
Great time to buy their stock
im going to invest
Don’t mind me, just buying VW stock.
Okay seriously…where do I go to stock up on some VAG stock? :P
People who know nothing about cars will wonder why you want to purchase stocks for Vaginas…
Time for everyone to invest.. and this happens again :P