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BMW shares tumble on higher diesel emissions report

BMW said Thursday it hadn’t manipulated test results.

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Some diesel cars of high-end automaker BMW produce risky gases that exceed European Union anti-pollution limits by up to 11 times, German weekly Auto Bild reported Thursday.

“There is no function to recognize emissions testing cycles at BMW”, the Munich-based company said in a statement in response to the report.

On Monday, German carmaker Volkswagen admitted it had been using software in 11 million diesel cars worldwide aimed at deceiving regulators measuring toxic emissions.

By contrast, VW shares shot up 7.9 percent to hit an intraday high of 120.30 euros, as investors went bargain hunting following the meltdown in the share price earlier this week as the extent of the scandal became apparent.

“When it comes to our vehicles, there is no difference in the treatment of exhaust emissions whether they are on rollers (eg. test bench situation) or on the road”. “At the BMW group, there are no specific activities or technical provisions which influence the emissions recorded during the test mode”, said a spokesman.

JPMorgan auto analyst Jose Asumendi calculated Tuesday that globally VW had 25 percent of engines exposed to diesel technology.

Mike van Dulken, head of research at Accendo Markets, said: “While this adds to this week’s “VWgate” revelation, confirmation of yet another major carmaker having potentially been “at it” will hardly come as a surprise for such a highly competitive industry”.

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“Claimed MPG (miles per gallon) figures have been pie-in-the-sky for years and electric cars whilst “clean” in the emissions sense remain suspiciously/prohibitively expensive and poor ranging”.

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