Renault

The French government has moved to reassure investors that Renault cars do not use the so-called 'defeat device' to cheat emissions tests after reports of a police raid.

Renault, which is around 5% around by the government, saw its shares plunge more than 20% on Thursday following reports that it had been raided by police, which some speculated could be linked to the Volkswagen emissions scandal.

The car maker confirmed that raids took place, but denied that any 'defeat devices' were found.

“There is no fraud at Renault. Shareholders and employees should be reassured," said France's ecology and energy minister Ségolène Royal.

The raids wiped €5 billion (£3.7bn) off Renault's value, following a recovery which still left its share price down 10%.

Economy minister Emmanuel Macron also described the raids as "normal" checks. Renault said investigators wanted to carry out additional checks on factories and parts, following an earlier investigation by the French government.