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Daimler shares tumble on excess emissions report

Thursday, July 13, 2017 - 01:11

Shares in Mercedes maker Daimler fell 2.5 percent in early trade on Thursday after a report accusing the carmaker of possibly selling more than a million cars with excess emissions in Europe and the United States. David Pollard reports.

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There was a pickup in the mood on Germany's DAX - after doveish comments from US central banker, Janet Yellen. But for one of its biggest stocks, the day started down. Carmaker Daimler seeing its shares drop two and half per cent. On accusations that like its peer, VW, it may have sold cars that violated emissions rules. Prompting fears of a sector-wide impact. SOUNDBITE (English) OANDA SENIOR MARKET ANALYST, CRAIG ERLAM, SAYING: "We've seen similar situations in other sectors. I think the banks is one that we've seen in four years now. And it looks like this is going to be the car industry's version of this. And again it just will all relate back to what kind of fines can we expect and what kind of costs are going to be associated." The reports made by the Sueddeutsche Zeitung, citing a search warrant issued by a Stuttgart court. The newspaper says prosecutors are examining the possible use of illegal software to manipulate emissions tests in, possibly, more than one million Mercedes-Benz vehicles in Europe and the US between 2008 and 2016. Daimler declined to comment on the continuing investigation - and said it was fully cooperating with the authorities.

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Daimler shares tumble on excess emissions report

Thursday, July 13, 2017 - 01:11