Rigged engines? Renault denies and reduced its losses on the stock market

Le groupe Renault annonce avoir vendu 381.663 véhicules dans le monde sous ses trois marques (Renault, Dacia et Renault Samsung Motors) en juillet-août, soit 11,4% de plus que sur les mêmes mois de 2006. /Photo d'archives/REUTERS

The French automaker has acknowledged having been subject to searches by the DGCCRF, but denied having cheated on their diesel engines. The title which plunged 20% in mid-session, now shows a drop limited to 10%.

Renault he would be taken to a scandal? The raids announcement made last week anyway plunged the action of the French carmaker. This fall more than 20% around 12:15 on Euronext Paris at 68 euros. Other titles are trained in the wake of Renault, since the action Peugeot-Citroen unscrews 8%. Following the release of this announcement, Renault has limited the decline in its headline that loose, at 15h, 10% to 78 euros.

Renault responds and denies
Management confirmed the searches carried out last week, while denying any fraud on its engines. In a statement released Thursday, January 14, the group explains:

“The DGCCRF decided to conduct a further investigation into documentary and on site, which aims to definitively validate the initial analysis made by the Independent Technical Commission”.

The automaker said that the commission set up by the Ministry of Ecology after the Volkswagen case has already been able to control some vehicles.

“At the end of February 2015, 11 vehicles have already been tested, including 4 vehicles (…) [the committee] considers that the proceedings would not reveal the presence of a faker software equipping Renault vehicles,” says the official statement of the French group.

Fraud has “visited” four sites in the Paris
According to the unions cited by AFP, the searches conducted by the DGCCFR (General Directorate for Competition Policy, Consumer Affairs and Fraud Control) may be related to fixing scandal engines from Volkswagen.

PC executives were confiscated in four Lardy center including that of bringing together the group’s engineering activities but also the Technocentre in Guyancourt. Plessis-Robinson of sites and finally the headquarters of Boulogne-Billancourt have also been “visited” by the services of Fraud.



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