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The searches at Audi CEO caused a fall in share price of the auto concern

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The searches at Audi CEO caused a fall in share price of the auto concern
June 12
09:00 2018

Yesterday morning the Munich prosecutor’s office initiated searches in the house of Rupert Stadler, the Audi CEO. Such drastic measures are being carried out within the framework of “DieselGate” – the case when the concern falsified the data on harmful emissions from the vehicles they produce. We recall that in 2015, a research team from the University of West Virginia found a problem with the exhaust, measuring the composition of gases with the help of mobile PEMS devices while driving a car.

Then the events developed as follows: the German Federal Motor Transport Authority (KBA) identified five illegal software functions of Daimler, which facilitated the manipulation of data on harmful emissions. Now the KBA is investigating to see if these functions were used in all Daimler cars with diesel engines.

After the start of investigations initiated by the United States, representatives of the Volkswagen concern were forced to admit that 11 million cars with special software had been sold worldwide. The purpose of these tricky utilities is the manipulation with tests to match engines to environmental standards. In the course of the investigation it was found out that the actual contamination with exhaust gases of VW diesel cars was 40 times higher than the permissible limits.

At the moment, Germany is developing simultaneously three criminal proceedings in connection with violations of Volkswagen. Audi is a figurant in all three ones.

The story of falsification has had a strong impact on both the Daimler auto concern and the entire German automotive industry.

Yesterday, against the backdrop of the searches, Audi shares fell by 0.5% at the auction in Frankfurt, the share price of the auto concern Daimler fell by almost 2%.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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