Autos lower by 2% as Volkswagen shares suffer slight fall
Kepler Cheuvreux cuts its price target on a host of European car manufacturers
The auto industry took a hit of almost 2% after a host of car manufacturers including Peugeot, Citroen, Renault and BMW were handed price target cuts from financial services firm Kepler Cheuvreux.
Bayerische Motoren Werke AG St
€105.85
16:45 19/04/24
CAC 40
8,022.41
16:59 19/04/24
DJ EURO STOXX 50
4,918.09
00:00 20/04/24
Peugeot
€21.85
16:30 01/09/22
Renault
€47.73
17:19 19/04/24
Volkswagen AG
€141.30
16:35 19/04/24
Xetra DAX
17,737.36
17:00 19/04/24
All of the manufacturers´ share prices were trading lower following the cuts.
Volkswagen was also slightly lower after the news on Monday that the company would not be negotiating a similar compensation package in Europe to that in the US after their emissions scandal debacle
Shares were 2.5% off on Monday following the news.
The firm agreed a deal to pay out $15bn to car owners which were misinformed during "Dieselgate" in the US, but have cited stricter regulatory pressures there which are vastly different from those in Europe.
Chief Executive Matthias Muller confirmed the news to German paper Welt am Sonntag after a meeting with European Commissioner for Industry Elzbieta Bienkowska.
As of 14:24 BST the Stoxx 600 Automobiles&Parts sector gauge was 2.06% lower to 429.72.