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Garnry: The worst is not over for VW and here's why

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23 billion euros have been wiped off the value of German car maker Volkswagen, so far, after the firm admitted it had cheated US emission tests. There appears to be every indication that the scandal can only spread with the stench of suspicion starting to linger around other European auto manufacturers as well. Saxo TV understands that at least one major vehicle maker has ordered an immediate internal audit of its own testing compliance. 

Saxo Bank's Head of Equity Strategy Peter Garnry discusses the implications of the VW revelations and the long term damage from an investor's point of view.