BMW AG shares recovered during US trading after German magazine Auto Bild clarified its initial report regarding the X3 sport utility vehicle, saying it had no knowledge of any cheating at emissions testing.
Auto Bild had to swiftly clarify its initial report on the emissions test of the automaker’s X3 SUV and following the BMW shares in the US closed with a minimal slide of 0.5 percent after initially loosing up to 6.4 percent – the largest intraday drop in three and a half years. According to a statement issued by the influential German magazine, the results in the tests did not indicate the largest luxury automaker in the world had rigged or installed switch-off features. BMW already stated they do not cheat on emissions tests after the Auto Bild report stated the X3 was above the European limit for air pollution. In Frankfurt the automaker’s stock collapsed as much as 9.7 percent, the steepest decline in at least four years, as investors now worry that any automaker might be dragged in the diesel-emissions scandal that engulfed VW AG, the biggest automaker by sales in the world, and lead to the chief executive officer’s resignation on Wednesday.
BMW said the “Group does not manipulate or rig any emissions tests,” in response to Auto Bild’s report that its four wheel drive version of the X3 SUV was tested for emissions that were up to 11 times above the European limit after testing done by the International Council on Clean Transportation – the same group that discovered VW and Audi cheating and tipped off the US Environmental Protection Agency.