Shares of Porsche, VW and other European carmakers fall following reports of ‘dieselgate’ lawsuits in Britain

Shares of Porsche, VW and other European carmakers fall following reports of ‘dieselgate’ lawsuits in Britain


A VW Golf GTI stands in a parking lot within sight of the brand tower on the grounds of the VW plant in Wolfsburg.

Picture Alliance | Picture Alliance | Getty Images

Shares of European carmakers fell on Wednesday following a report that some of the world’s largest auto manufacturers face possible lawsuits in Britain for allegedly cheating emissions tests.

Shares of German automaker Porsche slipped by over 6% at around 11:40 a.m. London time, leading losses on the pan-European Stoxx 600 index.

German carmakers including BMW, Volkswagen and Mercedes Benz were all trading more than 1% lower, while Sweden’s Volvo Cars dipped 2.7%. France’s Valeo and Fiat-owner Stellantis fell 1.6% and 0.3%, respectively.

It comes as the European Union imposed import tariffs on Chinese electric vehicles and after Reuters reported Tuesday that carmakers are facing 1.5 million “dieselgate” lawsuits in Britain that could cost them at least ₤6 billion ($7.65 billion).

Manufacturers including Mercedes-Benz and U.S. carmaker Ford were alleged to have misled customers about some vehicles’ compliance with nitrogen oxide emissions standards, the report said, citing claimants’ lawyers in London’s High Court on Tuesday.

A spokesperson for Ford told CNBC that they see “no merit” in the claims and the carmaker was “robustly defending against them.” They added: “Our vehicles and engines meet all applicable emissions requirements.”

A spokesperson for Mercedes-Benz was not immediately available to comment when contacted by CNBC on Wednesday morning.

The “dieselgate” emissions scandal refers to reports that first surfaced in 2015 that Volkswagen had been caught cheating on emissions tests in the U.S. Volkswagen admitted installing so-called “defeat devices” to change diesel vehicles’ emissions levels during testing.

Volkswagen said in 2020 that the scandal had cost the company more than 31 billion euros ($33.3 billion) in fines and settlements.



Source

Jamie Dimon has a blunt message for Europe: ‘You’re losing’
World

Jamie Dimon has a blunt message for Europe: ‘You’re losing’

Key Points Jamie Dimon told an event in Ireland on Thursday that Europe was “losing” on competitiveness and lacked the kind of global, successful corporations common in the U.S. The JPMorgan Chase boss also told an event in Ireland that there was “complacency in the markets” around U.S. tariffs and rates. Dimon said he saw […]

Read More
Norway’s Tesla obsession defies Europe’s Musk backlash
World

Norway’s Tesla obsession defies Europe’s Musk backlash

An electric car at a charging station in the Norwegian capital of Oslo on Sept. 25, 2024. Jonathan Nackstrand | Afp | Getty Images OSLO, Norway — Tesla continues to find solace in Norway, defying a sustained European slump amid a backlash over CEO Elon Musk’s incendiary political rhetoric. The U.S. electric vehicle maker recorded […]

Read More
European stocks open lower with EU tariff letter expected from White House
World

European stocks open lower with EU tariff letter expected from White House

BP flags lower gas, oil sales and impairment of up to $1.5 billion A electric pylon passed behind the BP logo displayed outside a petrol station that also offers electric vehicle recharging in Trowbridge in Somerset, England, on March 15, 2025. Anna Barclay | Getty Images News | Getty Images British oil major BP on […]

Read More