Renault Raided By French Fraud Investigators Over Emission Defeat Devices

Renault has confirmed that French fraud investigators had inspected three of its sites to look into its vehicle emissions technology

Renault stated that fraud investigators were looking at the way it uses exhaust emissions technology in an additional inquiry of parts and factories that follows an earlier investigation by the French government following the Volkswagen emissions scandal.

French Energy Minister Segolene Royale stated that there were no sign of fraud by Renault and that "Shareholders and employees should be reassured." She also added that the defeat devices have only been found only in cars made by the VW Group.

Renault shares dropped by almost 22% on the Paris Stock Exchange after the raid, wiping billions of dollars off its market value.