BMW AG fell as much as 9.3 percent in Frankfurt after a German magazine reported that the X3 xDrive 20d sport utility vehicle emitted as much as 11 times the European limit for air pollution in a road test, adding to concern that the investigation weighing on Volkswagen AG may spread to other manufacturers.
The SUV was road-tested by the International Council on Clean Transportation,
the same group whose tipoff led U.S. regulators to investigate a gap between Volkswagen AG diesels’ emissions in tests and on the road, Germany’s Autobild reported. BMW said that there’s no system in its cars that responds to tests differently than it would operate on the road.
“There is no function to recognize emissions testing cycles at BMW,” the Munich-based company said in a statement in response to the report. “All emissions systems remain active outside the testing cycles.”
BMW shares traded down 6.2 percent to 74.9 euros at 11:59 a.m. in Frankfurt. Shares of other German carmakers also declined. Daimler AG as much as 4.2 percent, or 2.79 euros, to 63.63 euros. Volkswagen, which is at the heart of the probe and has lost about 20 billion euros in market value since Monday, recovered some of its losses, rising as much as 7.8 percent.
“There’s no suggestion BMW has done anything illegal,” said Juergen Pieper, an Frankfurt-based analyst with Bankhaus Metzler. “However, there are concerns for the long-term damage on the business with diesel cars for every manufacturer that builds cars with these engines.”
Car sales of the BMW namesake brand with diesel engines last year made up about 38 percent of total deliveries, roughly in line with diesel car sales at other manufacturers, the company said.
Emissions measured in road tests of 15 new diesel cars were an average of about seven times higher than European limits, according to a study ICCT published last October.
Sourced from http://www.bloomberg.com/news/articles/2015-09-24/bmw-drops-on-report-that-x3-diesel-s-emission-exceeded-eu-limit
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