French Authorities To Investigate Renault for Emissions Fraud

French authorities will launch an investigation of carmaker Renault on suspicions of fraud during tests for harmful gas emissions of diesel engines, announced France's Prosecutor's Office, reported BGNES.

After the massive scandal with Volkswagen, independent French experts discovered dangerously high levels of harmful emissions of diesel engines of certain carmakers, including Renault.

The Prosecutor's Office has ordered an investigation for "fraud related to key elements of the vehicle" and of the quality of the tests carried out.

At 13:00 hrs, Renault shares were traded for EUR 84.16, or a drop of 2.4%.

Meanwhile, US authorities announced on Wednesday that Volkswagen will plead guilty on three counts of the indictment. The company will pay USD 4.3 B in fines. Authorities have indicted six of the managers of the company on charges of hiding the truth.