Newspaper article St Louis Post-Dispatch (MO)

French Carmaker PSA Sees Shares Drop on Diesel Fraud Report

Newspaper article St Louis Post-Dispatch (MO)

French Carmaker PSA Sees Shares Drop on Diesel Fraud Report

Article excerpt

PARIS * Shares in French automaker Groupe PSA fell Friday after a report said as many as 1.9 million Peugeot and Citron cars may have engines designed to trick diesel emissions tests.

In a report, the Le Monde newspaper said the company could face fines of up to 5 billion euros ($6 billion) for allegedly using special devices that programmed engines to vary their emissions levels when being tested.

The company's share price fell on the report, dropping 3.1 percent to close Friday at 18.02 euros in Paris.

PSA denied wrongdoing and threatened to file a complaint over the report, citing extensively from a document from French consumer fraud agency DGCCRF, which has been investigating several car brands sold in France since Volkswagen was found in 2015 to have cheated on U.S. emissions tests.

PSA said in a statement that it complies with all regulations and "its vehicles have never been equipped with software or systems" allowing it to deceive tests.

According to Le Monde, PSA developed a strategy to equip its engines with so-called defeat devices that would reduce the level of nitrogen oxide emissions during testing, and allow them to rise when cars are on the road. …

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