Daimler drops as report links software to ‘US emissions tests’

Bloomberg

Daimler AG fell after a German newspaper reported US investigators detected software in its Mercedes-Benz diesel cars that might have been designed solely to pass regulatory emissions tests.
The vehicle maker developed several software applications that reduce or regulate the application of AdBlue fluid that helps eliminate harmful exhaust gases, Bild am Sonntag reported Sunday, citing confidential documents. Daimler employees doubted the legality of software functions that can help a tank of AdBlue last for the entire period between the car’s scheduled servicings, the newspaper said, citing internal emails.
Daimler stock was the worst performer on Germany’s DAX Index, declining as much as 2.4 percent.
Joerg Howe, a spokesman for the Stuttgart, Germany-based manufacturer, said the documents have “selectively been released in order to harm Daimler and its 290,000 employees.” Authorities who have been investigating Daimler for more than two years are aware of the documents and no complaint has been filed, he said.
If the matter results in charges, it would be another blow to the German car industry in the US In 2015, American regulators found that German carmaker Volkswagen AG deliberately evaded testing regimes with a cheating software that recognised if a car was on a test stand.