European car manufacturers fall following UK dieselgate lawsuits

admin admin | 06-13 00:20

On Tuesday, spokespeople for Mercedes Benz and U.S. carmaker Ford said they saw "no merit" in the claims.
Shares in European car manufacturers dropped on Wednesday, led by declines in major brands such as Volkswagen and BMW, ahead of possible lawsuits in Britain over emissions tests that could cost companies over USD 7.5 billion.

Lawyers for the claimants, owners of diesel vehicles, told London's High Court on Tuesday some of the world's biggest carmakers are facing 1.5 million lawsuits in Britain.

The claims highlight the ongoing fallout for automakers from a scandal that erupted in 2015 when Volkswagen admitted to using "defeat devices" to change diesel vehicles' emissions levels during testing.

On Tuesday, spokespeople for Mercedes Benz and U.S. carmaker Ford said they saw "no merit" in the claims.

The STOXX carmakers index was last down 0.24%, having fallen as much as 1% earlier. Volkswagen and BMW, down 0.6-0.7%, are among the worst performers of Germany's blue chip index. Luxury German manufacturer Porsche Holding was down over 5% as it traded ex-dividend.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Hyundai Motor India lists with record IPO, commits to Indian market with new tech and EV plans

As part of its effort to introduce clean mobility solutions for Indian buyers, Hyundai will launch f...

auto | 5 hours ago

Skoda Auto Volkswagen India plants over 7 lakh trees in Maharashtra for ecological restoration

Additionally, SAVWIPL has installed 18.5 MWp of rooftop solar power at its Chakan facility, which of...

auto | 5 hours ago

Mega Corporation launches Lendingo to enhance EV financing solutions

Mega Corporation on Monday announced the launch of a new division, Lendingo. Mega Corporation on Mon...

auto | 5 hours ago

GreenLine accelerates decarbonisation efforts with 1,000 LNG trucks by March 2025

The government in a recent draft policy proposed to convert a third of long-haul trucks into LNG pow...

auto | 5 hours ago

Remsons Industries acquires 51% stake in BEE Lighting to enhance automotive lighting solutions

Established in 2006, BEE Lighting specialises in automotive headlamps, rear lamps, and various exter...

auto | 5 hours ago

EV Recharge partners with ZEVO for mobile EV charging solutions

EV Recharge’s technology can charge vehicles from 0% to 80% in just 20 minutes, a significant improv...

auto | 5 hours ago