Automotive

Published on May 1st, 2016 | by Daniel Sherman Fernandez

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PSA Group Shares Fall As Emission Tests Continue

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PSA Group offices were recently raided by fraud investigators as part of a government probe on pollutants in the automobile sector. The French Economy Ministry’s fraud office said it searched 5 premises following “anomalies” in emissions tests. PSA sites in Saint-Ouen, Velizy, La Garenne-Colombes, Carrieres-sous-Poissy and Montbeliard were raided after irregularities were spotted in the nitrogen-oxide emissions of three diesel vehicles.

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PSA was quick to issue a statement that said: “PSA Group confirms compliance of its vehicles in pollutant emissions in all countries where it operates. PSA Group is fully cooperating with the authorities.”

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French authorities started a probe in September last year into Volkswagen’s emissions-rigging in its diesel cars and expanded the investigation to cover all carmakers. Separately, the country’s environmental regulator began randomly testing vehicles to check differences between lab results and real-world emissions.

The French Environment Ministry this month said that a committee appointed to look into emissions was hearing from carmakers and that tests were to be conducted on 100 vehicles. A ministry commission will hear Gilles Le Borgne, PSA’s head of research and development, and Christian Chapelle, the company’s head of drivetrains and chassis, on April 28.

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PSA’s shares fell to as low as 13.47 euros and traded down 2.7% at 13.73 euros on the news.

The VW case has prompted investigations across several countries into Volkswagen, as well as checks on other car manufacturers and a tightening of emissions regulations that some industry analysts think could hit the entire diesel vehicle industry which is a key market for PSA and Renault.

Report compiled from Reuters & Bloomberg News. 

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