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Volkswagen shares fall after new emissions revelation
Although no specifics were given in VW’s press release, other sources have reported that the Carbon dioxide irregularities were associated with the VW Polo and Golf, as well as a few cars from the Audi, Seat, and Skoda brands.
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That smaller engine is at the heart of revelations that VW had built a cheat into its popular small diesel in order to fake emissions rule compliance. In the US, the company halted sales of seven models that allegedly were part of the cheating.
The announcement came after the German automaker revealed Tuesday it had understated the carbon-dioxide emission from 800,000 vehicles.
Also on Wednesday, German Transport Minister Alexander Dobrindt said that all Volkswagen’s vehicle models-whether diesel or gasoline-powered-will now be tested for fuel consumption, carbon dioxide and nitrogen-oxide emissions.
The inclusion of Porsche vehicles among those alleged to contain defeat devices could trip up Mr Mueller, who was drafted in from the luxury sports auto unit to replace Mr Martin Winterkorn, who resigned at the height of the scandal.
The company’s ordinary shares slid 7.7 percent Wednesday to 102.40 euros in morning trading in Europe.
The VW scandal broke in September when the company was caught by the U.S. Environmental Protection Agency using a so-called “defeat device” created to cheat on emission tests.
Last week, the company booked its first quarterly loss in more than 15 years as it set aside 6.7 billion euros (US$7.4 billion) to cover the initial costs of the scandal.
The EU’s executive Commission told Volkswagen to speed up its investigation.
Volkswagen (VW) on Tuesday added 800,000 additional vehicles to its list of models affected by emissions irregularities.
The latest issue opens up another front in the scandal engulfing the company as it relates to a different type of engine and emissions.
In a related development, the Narendra Modi government said it had chose to issue a show-cause notice to Volkswagen India after tests showed a significant variation between on-road emission levels and readings thrown up during vehicle certification tests in the laboratory.
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CEO Matthias Müller promised an “unsparing” investigation. He has said the company must re-examine its corporate culture to prevent such missteps from occurring again.