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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen    VOW3   DE0007664039

VOLKSWAGEN (VOW3)
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Volkswagen : Prosecutors search Audi offices in German diesel emissions inquiry

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02/06/2018 | 02:13pm CEST
Car manufacturers display their wares on the show floor of the North American International Auto Show in Detroit

FRANKFURT (Reuters) - German prosecutors said they had searched carmaker Audi's headquarters and one of its plants on Tuesday as they widened their inquiry into the manipulation of diesel emissions tests.

Audi, which is the biggest contributor to Volkswagen's (>> Volkswagen) profit, admitted in November 2015 that its 3.0 litre V6 diesel engines were fitted with a device deemed illegal in the United States that allowed cars to evade emissions limits.

Prosecutors had raided Audi last March to investigate who was involved in the use of any illicit software used in the affected 80,000 VW, Audi and Porsche cars in the United States.

And last week, they searched the homes of several current and former Audi employees.

Now the probe into suspected fraud and illicit advertising relates to a total of at least 210,000 vehicles with 3.0 litre engines sold in Europe as well as the United States since 2009, the Munich prosecutors' office said on Tuesday.

The searches at Audi's Ingolstadt headquarters and its factory in the southwestern German town of Neckarsulm included the offices of management board members and the technical development department, Audi said, adding it was cooperating with the authorities.

Prosecutors also searched a private home in the German state of Baden-Wuerttemberg, where the Neckarsulm plant is located, the prosecutors' office said.

The number of suspects identified in connection with the sale of cars in the United States has risen to 14, the prosecutors' office said, up from 13 last month.

The pool of suspects does not include any current or former Audi executives, it said, adding that it is seeking to levy fines against unidentified board members and Audi itself.

(Reporting by Maria Sheahan and Irene Preisinger; Editing by Louise Heavens and Alexander Smith)

By Maria Sheahan and Irene Preisinger

Stocks treated in this article : Audi AG, Volkswagen
Stocks mentioned in the article
ChangeLast1st jan.
AUDI AG 0.00% 714 Delayed Quote.-1.65%
VOLKSWAGEN -3.12% 138.44 Delayed Quote.-16.83%
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Financials (€)
Sales 2018 240 B
EBIT 2018 16 543 M
Net income 2018 12 676 M
Finance 2018 25 332 M
Yield 2018 3,81%
P/E ratio 2018 5,83
P/E ratio 2019 5,08
EV / Sales 2018 0,19x
EV / Sales 2019 0,16x
Capitalization 71 622 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 200 €
Spread / Average Target 40%
EPS Revisions
Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Controlling
Martin Hofmann Head-Group Information Technology
Peter Mosch Member-Supervisory Board
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