Volkswagen loses 23B Euros due to emissions scandal
Volkswagen reportedly lost about 23 billion euros of market value due to the recent scandal about the company cheating an emissions test of their diesel engines.
For those that are still unfamiliar, there was a recent case that some diesel cars being sold in America had been installed with devices that could detect when they were being tested, changing the performance to give off lower emissions in order to improve results. The Environmental Protection Agency (EPA) backs this up, and the German car giant itself already came clean and admitted that about 11 million cars worldwide are fitted with these performance-altering devices.
The company is currently under close observation with investors and VW owners questioning the integrity of the auto industry as a whole and contemplating on demanding compensation for being misled.
“If we can with some certainty establish that we, as investors, were misled by the company, and that has affected our returns, then I cannot rule out that we would seek compensation from the company,” one of Volkswagen’s top investors in Europe told Reuters.
As of the moment, the costs were estimated to be around 23 billion euros ($25.7B) due to fines and recalling said vehicles — with the case still far from over.