MegaBanner-Right

LeaderBoad-Right

LeaderBoard-Left

Home » Featured IND » BMW shares plunge over emissions investigation

BMW shares plunge over emissions investigation

BMW shares fell after the luxury carmaker warned of a probable first-quarter charge exceeding 1billion (R15.87bn) related to an EU investigation into alleged collusion by German automakers to delay the rollout of cleaner-emission cars.

The stock dropped as much as 2percent yesterday, the most in two weeks, after the Munich-based manufacturer said on Friday that the provision would weigh on first-quarter results and reduce its automotive profit margin this year to as low as 4.5percent.

Daimler and Volkswagen shares also slumped as much as 1.6percent and 1.4percent respectively, less than their rival, because of co-operation with regulators, and VW stock recovered later.

The EU announced in September that it had opened a probe into BMW, Volkswagen and Daimler over suspected collusion that could have delayed clean-emissions technology for cars.

The commission, which sent the manufacturers a statement of objections on Friday, laid out allegations that the automakers participated in a cartel to limit or delay two types of technology for diesel and gasoline cars.

SourceIOL
To enquire about Cape Business News' digital marketing options please contact sales@cbn.co.za

Related articles

When Good Oils Go Bad

When Good Oils Go Bad Nitration: The Acid You Didn’t See Coming By Steven Lumley, technical manager, WearCheck Nitration is far less talked about than oxidation, yet...

Atlas Copco launches Integrated Hybrid Generator range to help cut fuel use, emissions and operating costs

Atlas Copco launches Integrated Hybrid Generator range to help cut fuel use, emissions and operating costs New compact hybrid power range combines diesel engine and...

MUST READ

Transnet Chief Executive addresses hundreds of supply chain professionals, outlines recovery...

Transnet Chief Executive addresses hundreds of supply chain professionals, outlines recovery strategy and R129 billion planned spend Transnet will spend more than R129 billion over...

RECOMMENDED

Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.