September 22, 2015 – Volkswagen Group’s shares have fallen by 23 percent yesterday after the company was recently caught cheating by the United States’ Environmental Protection Agency (EPA).
Volkswagen was found in breach of American environmental standards when the EPA discovered a clever software in diesel models including the Audi A3 and the VW Jetta, Beetle, Golf and Passat that allowed cars to emit less during tests than they would while driving normally.
The German giant has admitted that it was dishonest in using the software and confirmed that 11 million vehicles worldwide are affected by the scandal that has erupted. It said it was setting aside 7.2 billion dollars to cover the costs.
Volkswagen of America has halted the sale of affected turbodiesel vehicles, while officials in Europe have confirmed that investigations are ongoing to find out whether vehicles sold by Volkswagen in the old continent are also affected.