► Renault in spotlight for defeat devices
► Share slide cuts €4bn off company value
► 25 Renault variants being compliance tested
Renault’s share value has tanked, knocking a reported €4 billion off the company’s value, following reports of raids in France by anti-fraud police investigating emissions testing practices.
A specialist technical committee, established in the wake of the Volkswagen’s dieselgate scandal, is testing vehicles on sale in France – including 25 of Renault’s models – for any sign of ‘defeat devices’, or software cheats.
It has emerged that anti-fraud police visited Renault’s sites in an effort to collect evidence that would allow them to validate the committee’s findings.
So what happened to Renault?
According to Renault, the French anti-fraud police visited its registered office at the Renault Lardy Technical Centre and the Guyancourt Technocentre.
Reports published by Agence France-Presse said that technical equipment and computers were removed from the sites.
These raids prompted a massive slide in Renault’s share values, with reports citing 20% drops, wiping billions off the company’s net worth. It’s worth noting that the share price has regained some ground since.
What’s the official line?
Renault says it is willingly working with this committee and other authorities to answer any questions and resolve any problems.
In a statement Renault claimed investigators are already of the opinion that no defeat devices are in place in its cars.
Click here for CAR magazine’s explainer on the VW emissions scandal.