Something is absolutely wrong in the automotive industry. To compete with competitors, for offering high performance and better mileage vehicles, the automotive giants are investing billion of dollars in their research and development.But, even after all this, they are unable to meet the emission criteria. To fill in this gap between meeting emission criteria and high performance car , they are installing devices, forging their emission data,using older test data,etc. The first victim was Volkswagen,followed by Suzuki motors and then Mitsubishi.
Now,one of the biggest player in Europe,'RENAULT' is accused of the emission scandal.
The "Dieselgate" pollution scandal that started with Volkswagen has expanded in Europe.Renault is investigated by the french authorities for possible scandal in the emission.Three judges will probe possible for"cheating on pollution control checks". That follows a preliminary investigation which concluded that some Renault models were emitting up to ten times the legal amount of nitrogen oxide(NO2).
Renault has suffered the worst drop of its share value in 17 years because of this suspicion.The decline costed Renault a reduction in $6.3 billion in its market value. The last decline of this scale happened on 1999 after a situation with the unions,when the company's share fell by 23%.
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