Auto Shares Slump on Further Emissions Scandal

Car manufacturers’ shares fall drastically this afternoon after German carmaker Daimler announced an internal investigation in its emission testing

Karen Kwok 22 April, 2016 | 4:25PM

Shares in German car giant Daimler (DAI) slipped 6% to market close today after the company announced it had opened an investigation into its diesel emissions at the request of the US Department of Justice.

The owner of the Mercedes-Benz brand said on Thursday evening in its statement that it is “cooperating fully with the authorities” to investigate any possible irregularities in its emissions test in the US.

The car company also reported a 31% decline of its first quarter earnings this morning to €1.35 billion from last year’s €1.96 billion; however the results were overshadowed by its emissions investigation.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Bayerische Motoren Werke AG73.04 EUR-0.07
Daimler AG56.45 EUR-0.25
Peugeot SA19.77 EUR-1.13
Renault SA33.36 EUR-2.23

About Author

Karen Kwok

Karen Kwok  is a Reporter for Morningstar.co.uk

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