German carmakers may have colluded on diesel systems: Spiegel

The Stoxx 600 autos index was down 3.1%

Germany’s carmakers Volkswagen, BMW, Audi and Porsche may have colluded to fix the prices of diesel emissions treatment systems using industry committees, German magazine Der Spiegel reported on Friday.

Germany’s cartel authority declined to comment on the report, which sent car stocks tumbling. Volkswagen, Daimler and BMW shares were down 3.9 per cent, 2.7 per cent and 2.8 per cent respectively, underperforming Germany’s blue-chip DAX index which was down 1.9 per cent by 1401 GMT.

“This new chapter in the diesel saga needs to be taken seriously,” Evercore ISI analyst Arndt Ellinghorst said in a note. “Our conclusion is that