France is also looking into the matter of emissions fraud after the French government recently raided Renault HQ, along with other automakers. The investigation was prompted after the French Transport and Environmental Ministry disclosed that Renault and other car makers failed special emissions tests after Volkswagen AG's 'Dieselgate' scandal.

According to the Wall Street Journal, French Economy Minister Emmanuel Macron confirmed that the antifraud officials have searched Renaults headquarters and its engineering center last January 7.

Renault confirmed the raid and stated that the officials searched their engineering facility in Lardy and a technical center in Guyancourt. Florent Grimaldi, a union official in the Lardy facility said that the antifraud officials spent a day searching managers' computers. He added that the facility itself is dedicated to Renault's engine development and emissions testing.

Minister Segolene Royal of the transport and environmental ministry, said that they conducted a special emissions tests last October. There were 25 models from Renault that didn't followed emission regulations. There was even one particular model that exceeded emitted high levels of nitrous oxide and carbon dioxide. So far, 22 models have been tested and they expect to add more cars to the list.

Macron however said that Renault's predicament is 'by no means comparable' to Volkswagen, adding that he was confident in the French automaker.

During the ongoing investigation, Renault, along with other automakers will have to appear before a special commission and explain why their cars failed the road tests and how can they improve upon it.

Renaults share prices fell by as much as 20% in morining trade following news of the investigation, but it recouped to -10.28% on Thursday trading in Paris