Scandal around hazardous emissions of Volkswagen diesel engines affected not only German concern, but even other European car makers. As it turned out, French government delayed plans for sale of the part of Renault SA shares.
The reason is descent of share quotations of the French company. In April State Investment Fund APA purchased 4,73% of Renault shares. That way French government possesses 19,7% of shares. Further Fund representatives were going to liquidate part of securities, but it was decided to delete the plans till descent of stock quotations.
That way European carmakers began to suffer because of Volkswagen problem. For instance, Renault share package value, owned by APA, equals 470 mln. Euro. In April 2015 government paid for it from 814 mln. to 1,23 bln. Euro according different assessments.
More likely, fall of stocks of other “Europeans” is temporary phenomenon. For example, on Friday Renault shares rose in price by 2,7%. But Volkswagen is not having an easy time. According analytics data losses of German concern could reach 78 bln. Euro.