Did Renault cheat in emissions tests like Volkswagen? As French newspaper Le Monde reports, authorities in France last week searched the company’s headquarters and other sites to investigate possible ties with the rigging of diesel engines by Volkswagen.
The searches were conducted by the Competition, Consumer and Fraud Repression Administration (DGCCRF) and made public by unions. A short while later, Renault dropped 20% at the stock exchange.
“The French Agency for Energy and Climate (DGEC), which is, on behalf of the Ministry for Ecology, Sustainable Development and Energy, the main contact for the independent technical commission, already considers that the on-going procedure would not reveal the presence of a defeat device on Renault's vehicles,” according to a press release by Renault.
Other automakers have seen their stock drop amidst allegations of fraud. PSA fell 7% even though it insists no search was made.