- Title: Shares in German carmakers still under pressure as DAX makes small gains
- Date: 31st July 2017
- Summary: FRANKFURT, GERMANY (JULY 31, 2017) (REUTERS) EXTERIOR FRANKFURT STOCK EXCHANGE SIGN READING (German) "FRANKFURT STOCK EXCHANGE" TOP SHOT OF FLOOR DAX GRAPH TRADER BOARD SHOWING START OF DAX AT 12,141.53 POINTS TRADERS IN DISCUSSION VARIOUS OF BANK SHARES ROBERT HALVER, BAADER BANK'S HEAD OF CAPITAL MARKET ANALYSIS, TALKING TO COLLEAGUES PAN ACROSS BOARD TRADER BOARD SHOWING DAX HIGH OF 12,193.68 POINTS AT 09:20 A.M. (0720 GMT) VARIOUS OF TRADERS BOARD SHOWING DAX LOW OF 12,141.53 POINTS AT START OF DAY (0700 GMT) (SOUNDBITE) (German) BAADER BANK'S HEAD OF CAPITAL MARKET ANALYSIS, ROBERT HALVER, SAYING: "What we're seeing with the car industry is really quite something: especially the diesel technology was our showcase product with which we caused a furore in recent years. Now there is this scandal and cartel accusations and what needs to be done is clear: old diesel cars have to be refitted. We have to keep the diesel technology because it's not as bad as is always said. Let's be honest: regarding electric mobility the Americans are way ahead of us." TRADERS VARIOUS OF CAR SHARES ON BOARD (SOUNDBITE) (German) BAADER BANK'S HEAD OF CAPITAL MARKET ANALYSIS, ROBERT HALVER, SAYING: "We should almost be thankful that we have the Bundestag (general election) coming up. Politicians are putting the car industry under a lot of pressure. If all diesel owners vote for the wrong party, the German government would have a problem. So, my expectation is that because of this pressure the car industry will say 'yes, a refit is possible.' But it has to be carried out." VARIOUS OF TRADERS BOARD SHOWING DAX INCREASE OF 23.20 POINTS OR 0.19 PERCENT TRADER WIDE OF DAX BOARD TOP SHOT OF FLOOR
- Embargoed: 14th August 2017 10:38
- Keywords: DAX shares stocks markets Frankfurt car industry emissions scandal
- Location: FRANKFURT, GERMANY
- City: FRANKFURT, GERMANY
- Country: Germany
- Topics: Economic Events
- Reuters ID: LVA0016S1QVT9
- Aspect Ratio: 16:9
- Story Text: Shares in German carmakers remained under pressure on Monday (July 31) after weekend media reports that the country's vehicle certification authority KBA collaborated with the local car industry when it came to emissions tests.
BMW was down 0.27 percent, Daimler 0.9 percent and Volkswagen shares lost around 0.65 percent in morning trading.
Baader bank's head of capital market analysis Robert Halver said he expected "a lot of pressure" on German carmakers in the coming months ahead of the September 24 general election.
Halver joked that "if all diesel car owners vote for the wrong party" Chancellor Angela Merkel's would have a problem.
Also on Monday, the German government said that "in principle it was open to class action lawsuits against carmakers engulfed in an emissions scandal that broke almost two years ago.
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