"I personally am deeply sorry that we have broken the trust of our customers and the public," says Volkswagen CEO Martin Winterkorn, days after the EPA said the German carmaker had purposefully rigged its diesel cars to pass emissions tests.
The CEO's sentiments did not stop investors from punishing VW's stock Monday, when they hacked away nearly a quarter of the company's market value.
"The shares plunged as much as 23 percent to 125.40 euros in Frankfurt, extending the stock's slump for the year to 31 percent," Bloomberg reports. "The drop wiped out about 15.4 billion euros ($17.4 billion) in value."
The steep drop came Monday, the first day of trading since the Environmental Protection Agency said it had found Volkswagen had for years used trickery to get around U.S. emissions laws.
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4 comments:
The only ones upset are the earth worshipers. I may go buy one good on fuel.
That's what Germany gets for partnering up with Russia over Syria lol pay up
They'll bounce back, BP did.
I wonder, really wonder, if they are the only ones doing it. The government keeps imposing higher and higher MPG requirements on the automakers, while its killing performance and safety. VW tried to satisfy both...what the consumer wanted, and what the government demanded. I seriously think VW isn't the only one. It was an easy trick, and one that they got away with for years.
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