Volkswagen is in a bit of a bind over the diesel recall for its cars, after its share price crashed over the weekend.VW, which has been under fire for its diesel emissions problems since late February, said it would recall 6.2 million diesel vehicles, including some that were sold before the recall began.
Analysts say the recall was likely to be much bigger than initially expected, and that it would have more of an impact on VW than other carmakers, including GM and Ford.
“This is a bigger issue for the VW brand than any other company,” said Paul W. Miller, an analyst at Forrester Research.VW shares dropped nearly 5 percent, to $19.88, on the news of the recall, which VW said could impact more than 9.5 million vehicles worldwide.
VW shares fell 6.4 percent, or $19 a share, on Friday.
The company has been trying to convince investors to put money into the company’s stock by promising to deliver $1 billion in cash, which would give it a market value of about $40 billion, but analysts say that was just not enough to sustain the company.
In the U.S., the recall covers roughly 9.3 million vehicles.
Analytics say the company is likely to see about 9.1 million sales as well as more than 10 million in China, where VW is one of the largest carmakers.
The recall covers about 5.5 percent of the company by market value, and analysts say the total is likely about $6 billion.VW has not released an estimate of how many cars will be affected by the recall.
Analytic analysts expect about 3 million vehicles to be affected, while the company says it has a chance to sell around 1.5 to 1.8 million cars in China and the U