Volkswagen emissions-testing scandal

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Volkswagen’s emissions-testing scandal has erased billions of dollars from the company’s market value in a single trading session today. This comes after revelations the German carmaker had rigged emissions tests for nearly half a million cars.

The company lost more than 18 billion dollars in value, and shares had dropped at least 20 % by this afternoon. US regulators say Volkswagen programmed some of their cars to turn on emission controls only during testing, tricking regulators into thinking the cars were complying with clean air laws.

Volkswagen has since halted sales of some of its diesel models in Canada, and now face fines and recalls. Affected cars include the 2009 to 2015 diesel TDI models of the Volkswagen Golf, Jetta, Passat, Beetle and the Audi A-3.