German car giants’ shares fall amid diesel emissions concerns

&Tab;&Tab;<div class&equals;"wpcnt">&NewLine;&Tab;&Tab;&Tab;<div class&equals;"wpa">&NewLine;&Tab;&Tab;&Tab;&Tab;<span class&equals;"wpa-about">Advertisements<&sol;span>&NewLine;&Tab;&Tab;&Tab;&Tab;<div class&equals;"u top&lowbar;amp">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;<amp-ad width&equals;"300" height&equals;"265"&NewLine;&Tab;&Tab; type&equals;"pubmine"&NewLine;&Tab;&Tab; data-siteid&equals;"111265417"&NewLine;&Tab;&Tab; data-section&equals;"1">&NewLine;&Tab;&Tab;<&sol;amp-ad>&NewLine;&Tab;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;&Tab;<&sol;div>&NewLine;&Tab;&Tab;<&sol;div><p>Shares in the three biggest German car makers have fallen after a report claimed they colluded for years over diesel emissions technology&period;<&sol;p>&NewLine;<p>BMW shares were down 2&period;6&percnt;&comma; Daimler was down 3&period;7&percnt; and Volkswagen 2&period;6&percnt;&period; Shares also fell on Friday after Der Spiegel published its findings online&period;<&sol;p>&NewLine;<p>Spiegel reported that employees from Volkswagen&comma; Audi&comma; BMW&comma; Mercedes and Porsche had met often since the 1990s and had agreed to limit the size of the tanks holding a urea solution used to reduce diesel emissions of harmful nitrogen oxide&period;<&sol;p>&NewLine;<p>The smaller tanks reduced costs and freed up space in the vehicles&comma; the magazine said&period;<&sol;p>&NewLine;<p>BMW issued a statement denying that its urea tanks were too small to provide adequate exhaust treatment and said its vehicles&&num;8217&semi; emissions met legal requirements&period;<&sol;p>&NewLine;<p>Officials at the European Union&&num;8217&semi;s executive Commission said in a statement that they and the German competition authority have received information on the matter&comma; which is currently being assessed by the Commission&period;<&sol;p>&NewLine;<p>The Spiegel report follows announcements last week by Daimler that it is recalling three million Mercedes-Benz diesels to improve their emissions performance through an update of engine control software&comma; and by Volkswagen&&num;8217&semi;s luxury Audi brand that it was doing the same with 850&comma;000 vehicles&period;<&sol;p>&NewLine;<p>Daimler also said it would speed up the deployment of new engines&period; BMW is offering software updates on 350&comma;000 of its older diesels&period;<&sol;p>&NewLine;<p>The steps are a way to head off calls for banning diesel vehicles from some German cities where air pollution levels exceed limits&period;<&sol;p>&NewLine;<p>The German government has summoned local officials and car executives to a &&num;8220&semi;diesel summit&&num;8221&semi; on August 2 to find ways to reduce emissions and ensure that diesel technology has a future&period;<&sol;p>&NewLine;<p>The industry is a major employer&comma; and diesels are considered one way to meeting goals for lower emissions of greenhouse gases blamed for global warming&period; Diesels emit less carbon dioxide&comma; a major greenhouse gas&comma; but emit more nitrogen oxide&comma; a pollutant that harms people&&num;8217&semi;s health&period;<&sol;p>&NewLine;<p>Diesels came under increased scrutiny after Volkswagen admitted to using illegal software that in the US detected when vehicles were on test stands&comma; and turned emission controls on so that the cars passed the emissions test&period;<&sol;p>&NewLine;<p>The controls were turned off in everyday driving&comma; improving mileage and performance&period;<&sol;p>&NewLine;<p>Volkswagen has agreed to more than 20 billion dollars in US civil and criminal fines and settlements&comma; and eight executives have been charged&period;<&sol;p>&NewLine;<p>Separately&comma; five German car-makers &&num;8211&semi; Daimler&&num;8217&semi;s Mercedes-Benz&comma; Opel and Volkswagen and its subsidiaries Audi and Porsche &&num;8211&semi; last year agreed to recall a total of 630&comma;000 diesel vehicles in Europe after it was found that real-world emissions often exceeded EU emissions standards&period;<&sol;p>&NewLine;<p>In those cases&comma; engine control software turned off emission controls at certain temperatures to avoid engine damage&period;<&sol;p>&NewLine;<p>That was legal&comma; but German regulators have questioned whether the use of the exemption was always justified&period;<&sol;p>&NewLine;&Tab;&Tab;&Tab;<div style&equals;"padding-bottom&colon;15px&semi;" class&equals;"wordads-tag" data-slot-type&equals;"belowpost">&NewLine;&Tab;&Tab;&Tab;&Tab;<div id&equals;"atatags-dynamic-belowpost-68ed35c3995f3">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;<script type&equals;"text&sol;javascript">&NewLine;&Tab;&Tab;&Tab;&Tab;&Tab;&Tab;window&period;getAdSnippetCallback &equals; 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