Renault under investigation for emissions cheating

Raindrops cover the logo of French car manufacturer Renault on a automobile seen in Paris France
Raindrops cover the logo of French car manufacturer Renault on a automobile seen in Paris Thomson Reuters
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15 January, 2017

Shares of Renault SA fell Friday following a report that the French automaker has become the latest vehicle company under investigation over diesel emissions.

Paris prosecutors opened the preliminary probe into emissions by Renault vehicles weeks after fraud watchdogs said their research found enough material to require further investigation.

Renault shares briefly dipped by four percent Friday morning following the news of the investigation.

In Britain, the Department for Transport said it was urgently seeking further information from USA authorities over allegations Fiat Chrysler used hidden software to allow excess diesel emissions to go undetected.

Three judges have been looking into the Renault matter, the source said.

France's consumer fraud agency, the DGCCRF, launched an inquiry into Renault's emission testing a year ago after Volkswagen (VLKAY) was found to have cheated tests of its diesel engines.

Light snow and sleet expected for the midstate this weekend
In Silverton, the weather service expects 1 to 3 inches of snow during the day Friday and up to 4 more inches Friday night . The chance of precipitation is 90 percent, and total accumulation less than half of an inch is possible.

Renault shares fell 4 percent on Friday but had clawed back some ground, trading down 2.4 percent by mid-session versus a 0.5 percent rise on the STOXX Europe 600 Automobiles index.

The Italian-American company immediately denied the charges and pledged to work with President-elect Donald Trump's administration to resolve the issue "fairly".

Renault claims that the company's diesel cars are not equipped with any pollution cheating software.

The probe follows the Volkswagen (VOWG_p.DE) diesel emissions scandal, which emerged in September 2015.

The potential costs of cheating on emission tests was made evident this week after VW cut a deal with the U.S. Department of Justice, agreeing to pay $4.3 billion in criminal and civil fines relating to its systematic deception.

The EPA said undisclosed software on the 2014 to 2016 models of Grand Cherokees and Dodge Ram 1500 trucks sold in the United States allowed the vehicles to emit more nitrogen oxides than permitted. US authorities also charged six Germany-based VW officials.


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