Transport

Paris ‘investigating emissions cheating’ at Renault

Prosecutor examining whether company broke laws introduced after VW scandal

Renault shares were down 2.9 per cent at 10.30am, recovering from their worst losses

Fri Jan 13 2017 - 11:48

The Paris prosecutor has launched a judicial investigation into possible cheating on exhaust emissions at carmaker Renault, a source at the prosecutor's office said on Friday.

Renault shares fell sharply on the news, which comes about two months after the government passed to the prosecutor the findings of an investigation by its consumer fraud agency, the DGCCRF.

Three judges have been looking into the matter since January 12th, the source said. Whether the prosecutor’s inquiry is followed by a trial is for those judges to decide.

The French investigation into exhaust emissions by Renault engines and whether they broke emissions laws was launched in the aftermath of the Volkswagen diesel emissions scandal.

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Renault shares were down 2.9 per cent at 10.30am, recovering from their worst losses after earlier falling more than 4 per cent to their lowest level in around a month, with the stock among the worst performers on the pan-European STOXX 600 index.

Renault acknowledged the opening of the proceedings but said it respects all laws concerning exhaust emissions and that its vehicles do not have software to commit fraud in this area.

(Reuters)

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