Shares of German auto maker BMW (XETRA: BMW-DE) dropped sharply in mid-morning trade Thursday as a German newspaper claimed its diesel engines were “significantly” exceeding regulatory limits.
Auto Bild – a publication owned by Axel Springer – said Thursday in an exclusive report that BMW engines were emitting nitrogen oxide levels that were 11 times more than the current limit set by the European Union.
Citing road tests by the International Council on Clean Transportation (ICCT), it said that a model of the BMW X3 was emitting more poisonous gases than the Volkswagen car that is currently at the center of the emissions scandal.
“All measured data suggest that this is not a VW-specific issue,” Peter Mock, the Europe Managing Director at the ICCT, told the publication.
BMW shares were 5 percent lower by a round 10:30 a.m. London time after the report was published. This came as other European auto makers were enjoying a bout of buying after several sessions of declines. Volkswagen shares were trading higher by 5.4 percent on Thursday morning.
A BMW spokesman told CNBC that there were “no specific activities or technical provisions which influence the emissions recorded during the test mode. Our exhaust treatment systems are active whether on the test bench or on the road.”
