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| Renault shares fall after reports of diesel emissions probe by French prosecutors | |
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| Shares in Renault fell sharply on Friday on reports that French prosecutors are probing the carmaker over possible diesel emissions claims, just one day after US authorities said that Fiat Chrysler had violated emissions standards. | Shares in Renault fell sharply on Friday on reports that French prosecutors are probing the carmaker over possible diesel emissions claims, just one day after US authorities said that Fiat Chrysler had violated emissions standards. |
| Shares in the company were recently down around 4 per cent, near the bottom of the pan-European stock index at their lowest level in around a month, after AFP reported that Renault is facing a probe in France. | Shares in the company were recently down around 4 per cent, near the bottom of the pan-European stock index at their lowest level in around a month, after AFP reported that Renault is facing a probe in France. |
| On Thursday, US authorities said that Fiat Chrysler had violated the law by allowing excess diesel emissions in some vehicles, wiping billions off the company's share price. | On Thursday, US authorities said that Fiat Chrysler had violated the law by allowing excess diesel emissions in some vehicles, wiping billions off the company's share price. |
| Earlier in the week, Volkswagen’s admitted that it cheated diesel emissions tests in 580,000 US vehicles and agreed to pay a fine of $4.3bn. Six senior VW employees from Germany were charged with fraud. | Earlier in the week, Volkswagen’s admitted that it cheated diesel emissions tests in 580,000 US vehicles and agreed to pay a fine of $4.3bn. Six senior VW employees from Germany were charged with fraud. |
| The UK Department for Transport has asked for details of the US probe into Fiat Chrysler as a matter of urgency. | The UK Department for Transport has asked for details of the US probe into Fiat Chrysler as a matter of urgency. |
| A Department for Transport spokesman said it was "urgently seeking further information" from the EPA as well as Fiat Chrysler about vehicles sold in the UK. | A Department for Transport spokesman said it was "urgently seeking further information" from the EPA as well as Fiat Chrysler about vehicles sold in the UK. |
| "Our priority is to protect the interests of UK consumers [...] the department's new Market Surveillance Unit has the ability to test these vehicles if necessary," he said. | "Our priority is to protect the interests of UK consumers [...] the department's new Market Surveillance Unit has the ability to test these vehicles if necessary," he said. |
| The Society of Motor Manufacturers & Traders said that over 4,200 Jeep Grand Cherokees, made by Fiat Chrysler, were sold in the UK between 2014 and 2016. | The Society of Motor Manufacturers & Traders said that over 4,200 Jeep Grand Cherokees, made by Fiat Chrysler, were sold in the UK between 2014 and 2016. |
| US regulator the Environmental Protection Agency (EPA) said 104,000 Jeep Grand Cherokees and Dodge Ram 1,500 trucks were affected in the US. | US regulator the Environmental Protection Agency (EPA) said 104,000 Jeep Grand Cherokees and Dodge Ram 1,500 trucks were affected in the US. |
| Fiat Chrysler on Thursday said in a statement it was “disappointed” about the notice of violation and that it intends to work with the incoming administration to ensure that its “diesel-powered vehicles meet all applicable regulatory requirements.” | Fiat Chrysler on Thursday said in a statement it was “disappointed” about the notice of violation and that it intends to work with the incoming administration to ensure that its “diesel-powered vehicles meet all applicable regulatory requirements.” |
| According to Reuters, the company now faces fines of up to $44,500 (£36,415) per vehicle, which could mean a total of about $4.6bn (£3.8bn), if it is found guilty of violating emissions rules | According to Reuters, the company now faces fines of up to $44,500 (£36,415) per vehicle, which could mean a total of about $4.6bn (£3.8bn), if it is found guilty of violating emissions rules |