The European car industry was shaken yesterday after Volkswagen’s share price fell almost 20 per cent over its admission that it cheated on US emissions tests, triggering calls for a broader inquiry into the sector.
More than €13bn was wiped off VW’s market capitalisation, triggering a wider fall in carmakers’ shares, after Martin Winterkorn, the group’s chief executive, apologised and ordered an external investigation into the affair.
The German government called for an urgent probe into whether VW and other carmakers had also manipulated emissions’ tests in Germany. Sigmar Gabriel, Germany’s vice-chancellor, said it was a “bad episode” for the car industry.
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