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Volkswagen shares fall after new emissions revelation

/ 07:20 PM November 04, 2015
In this Thursday, Sept. 24, 2015, file photo, the grille of a Volkswagen car for sale is decorated with the iconic company symbol in Boulder, Colo. Germany's Volkswagen, already reeling from news that it had cheated on U.S. tests for nitrogen oxide emissions, said Tuesday, Nov. 3, that an internal investigation had revealed "unexplained inconsistencies" in the carbon dioxide emissions from 800,000 vehicles that could cost the company another 2 billion euros ($2.2 billion). The revelation comes after VW's admission in September that it rigged emissions tests for four-cylinder diesel engines on 11 million cars worldwide, including almost 500,000 in the U.S. It has already set aside 6.7 billion euros ($7.4 billion) to cover the costs of recalling those vehicles. (AP Photo/Brennan Linsley, File)

In this Thursday, Sept. 24, 2015, file photo, the grille of a Volkswagen car for sale is decorated with the iconic company symbol in Boulder, Colo. Germany’s Volkswagen, already reeling from news that it had cheated on U.S. tests for nitrogen oxide emissions, said Tuesday, Nov. 3, that an internal investigation had revealed “unexplained inconsistencies” in the carbon dioxide emissions from 800,000 vehicles that could cost the company another 2 billion euros ($2.2 billion). AP

FRANKFURT, Germany — Volkswagen shares are falling after the company said it had understated carbon dioxide emissions for 800,000 cars, adding to the downbeat news from its scandal over cheating on U.S. diesel emissions tests.

The company’s ordinary shares slid 7.7 percent Wednesday to 102.40 euros in morning trading in Europe.

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The carmaker said Tuesday after the European market close that it found “unexplained inconsistencies” in carbon dioxide emissions in some vehicles.

The company found the additional problem as it investigated revelations that up to 11 million of its vehicles had software that allowed them to deceive emissions testers.

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The announcement follows U.S. allegations that the defective software was also found in cars sold under Volkswagen’s elite Porsche brand. CEO Matthias Mueller has promised the company will “relentlessly and completely clarify the matter.”

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TAGS: Carbon dioxide emissions, Emission Test, Motoring, Porsche, Trading, Volkswagen
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