Volkswagen Can’t Escape Its Collapsing Shares Issue

Evercore auto analyst Arndt Ellinghorst on Monday called the violation a “move more worthy of a back-street garage looking to get a used car through a mandated vehicle inspection.”

The software used to defeat emissions testing was detected after real-world examinations showed large discrepancies compared to emissions testing. It was determined that the vehicles spew out 40 times the allowed emissions set forth by EPA standards.

It’s unlikely that Volkswagen will be hit with an $18 billion fine, however the company has already lost nearly $20 billion in market valuation and a fine must still be given.

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Volkswagen for its part is working closely with the EPA to recall nearly 500,000 vehicles.