On Monday Volkswagen shares plunged after six years when it halted sales of diesel engine models.
Volkswagen just revealed the statistics showing the drop in its shares. Volkswagen shares fell by 23 percent. The drop occurred in late morning trading on Monday. Volkswagen had announced it will stop selling diesel engine cars in the US.
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The cars contain a type of motor accused of producing more exhaust fumes than the standard in the United States. US regulators had accused Volkswagen of selling cars with illegal software.
The software evades standards of calculating smog levels. The accusations were made by the Environmental Protection Agency of the US. The Environmental Protection Agency prompted Volkswagen to recall their smog producing cars.
After the accusation Volkswagen decided to halt the sales of the cars. Volkswagen confirmed the news on Sunday. Martin Winterkorn is the chief executive of Volkswagen. On Sunday Winterkorn also apologized on behalf of the automaker.
"I personally am deeply sorry that we have broken the trust of our customers and the public. We will cooperate fully with the responsible agencies, with transparency and urgency, to clearly, openly, and completely establish all of the facts of this case," Martin Winterkorn said in an official statement.
"Volkswagen has ordered an external investigation of this matter. We do not and will not tolerate violations of any kind of our internal rules or of the law."
"The trust of our customers and the public is and continues to be our most important asset. We at Volkswagen will do everything that must be done in order to re-establish the trust that so many people have placed in us, and we will do everything necessary in order to reverse the damage this has caused. This matter has first priority for me, personally, and for our entire Board of Management."
Volkswagen will also recall the diesel engine cars accused of producing more smog than allowed. The recall will call back more than half a million vehicles. As soon as Volkswagen announced the decision, the company’s shares dropped. It was the biggest drop for Volkswagen shares in almost 6 years.
A Volkswagen spokesman confirmed to Bloomberg that the automaker will stop selling the 2015 & 2016 Volkswagen models. The spokesperson John Schilling also revealed Audi models sales with the same engine will also be halted.
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The cars involved in the recall include a 4-cylinder turbo diesel engine. Volkswagen had declared the engine a ‘Clean Diesel’ engine previously. It is unclear how many cars will remain in dealership compounds as a result of the recall. In September alone Volkswagen had sold 7400 diesel engine cars.