Volkswagen latest: VW share price continues to fall after US launches lawsuit
Investors continued to punish Volkswagen today, with the carmaker's shares slumping 5.4 per cent to €119.55 per share, in response to a US lawsuit over the emissions scandal.
Volkswagen shares closed down 6.8 per cent at €125.20 yesterday, after it was sued by the US over alleged violations of the Clean Air Act by fitting illegal devices to evade emissions testing in around 600,000 vehicles.
Reuters reported that a senior Justice Department official said Volkswagen could face fines in excess of $90bn (£61bn), or $37,500 per vehicle.
Read more: Are VW shares untouchable?
This is significantly more than the $18bn originally suggested by government regulators in September.
"The United States will pursue all appropriate remedies against Volkswagen to redress the violations of our nation's clean air laws," assistant attorney general John Cruden, head of the Justice Department's environment and natural resources division, said.
VW shares have shed around 30 per cent since the emission-rigging scandal first came to light last year.
In November VW sales fell 2.4 per cent, with sales in the US slumping 15.3 per cent.