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Relief rally for European auto

Published 10/16/2018, 08:53 AM
© Reuters.  Relief rally for European auto
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  • Shares of European automakers are higher today after Audi (OTCPK:AUDVF) settles an investigation by authorities in Germany over diesel violations.
  • Audi agreed to pay a fine of €800M due to "deviations" from regulatory requirements of certain V6/V8 diesel vehicles manufactured by the company.
  • Analysts thinks the settlement removes a bit of an overhang on the European auto sector.
  • Audi press release (.pdf)
  • Audi is rallying 3% in Frankfurt, while parent Volkswagen (OTCPK:VWAGY) is up 2.0% and cousin Porsche is 2.7% higher. In U.S. premarket trading, Ferrari (NYSE:RACE) is 6.4% higher and Fiat Chrysler Automobiles (NYSE:FCAU) is sporting a 3.3% early gain.
  • Now read: Oakmark Global Select Fund: Third Quarter 2018


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