Wednesday, July 26, 2017

Renault shares plunge on raids of the factory by police BBC News

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Shares in French carmaker Renault 20 plunged before recovering to close down March 10 after police raids on the company's facilities.
The company confirmed the raids took place last week and said investigators wanted to check the equipment in its factories.
Investors feared Renault was involved in fraud emissions testing, something Volkswagen has admitted last year.
Renault's comments were supported by French energy minister Segolene Royal who said government tests had not revealed software designed to cheat emissions testing.
According to Renault investigators of fraud were seeking how Renault uses the technology of exhaust gas, and it was fully cooperating with the probe.
The statement said that the investigators decided to conduct additional surveys on site and equipment, to definitively confirm the first results from the analysis of the independent technical commission.



Investigators went to the headquarters, the Renault Technical Center in Lardy and the Technocentre in Guyancourt, Renault said.
New research first came to the union CGT Renault He said the raids targeted engine control units and were likely to be related to the consequences of Volkswagen engines rigged deal.
The union also said that police officers took personal computers of several administrators.
Last month, Renault said it would invest 50m 38m bringing the actual emissions of its cars in line with those measured in the official test conditions.
The government and automakers have been on alert following the scandal Volkswagen emissions, which emerged in late September.



Volkswagen VW acknowledged its diesel cars were equipped with a computer software designed to flatter the emissions data during testing.
In the days that followed the scandal several automakers have issued statements affirming their cars joined all emission standards and are equipped with a cheating software.
VW has about 500,000 cars in the US were equipped with so-called defeat devices that were designed to make VW cars seem more fuel efficient and environmentally friendly than they really were.
UK and 500,000 in the United States, he also announced the intention to recall and inspect May 8 million cars in Europe, including 2 4 million in Germany, 1 in 2 million.
Meanwhile, the French rival Renault Peugeot said its factories are not involved in raids The company also noted that its car transmission equipment spent the recent tests to ensure compliance with regulations.
The results of tests performed by the technical committee of the Minister of Energy Ms Royal has been transmitted to us and showed no abnormalities, Peugeot statement said.



And Germany's Daimler said diesel engines that Renault provides for its Mercedes-Benz brand contain no defeat devices.
We have no reason to change our view of earlier statements We use Renault units defeat assured us that he doesn t also a Daimler spokesman told Reuters on Thursday.






Renault shares plunge on raids of the factory by police BBC News, Renault shares dive raids.