Volkswagen Down 23% After Cheating Tests

JUST DESERTS

Updated Apr. 14, 2017 9:39AM EDT / Published Sep. 21, 2015 7:37AM EDT

Volkswagen’s share price dropped 23 percent after the company admitted to cheating on U.S. diesel emissions tests. CEO Martin Winterkorn said Monday that he is “deeply sorry” for the rulebreaking, and promised to do “everything necessary in order to reverse the damage this has caused.” The drop cut the value of the German auto maker by $17.4 billion. VW could face an equal amount in fines for the deception.

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Volkswagen Down 23% After Cheating Tests

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