VW shares plunge after carmaker admits cheating in US emissions tests

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Berlin (dpa) – Volkswagen’s shares plunged on Monday after US environmental protection authorities threatened to impose fines of up to 18 billion dollars on the carmaker, following its admission of systematically cheating US air pollution tests.

Europe’s biggest carmaker’s stock opened 14 per cent down on the Frankfurt share market, as the scandal sent shock waves across the German auto sector.

VW chief Martin Winterkorn apologized at the weekend for the company’s action and called for an internal review.
“I personally am deeply sorry that we have broken the trust of our customers and the public,” he said in a statement amid concerns about the fallout for the group’s corporate image from the scandal.

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