Sunday, 18 November, 2018


Volkswagen fined one billlion euros by German prosecutors over emissions cheating

Dieselgate Volkswagen accepts £880 million fine from German court Volkswagen fined one billlion euros by German prosecutors over emissions cheating
Conrad Doyle | 14 June, 2018, 11:55

Volkswagen has been fined €1bn (£880m) over diesel emissions cheating in what amounts to one of the highest ever fines imposed by German authorities against a company. Then, the automaker agreed to pay $4.3 billion to resolve both civil and criminal penalties relating to the installation of illegal software that allows its vehicles to circumvent USA emission tests.

Volkswagen's diesel emission scandal started back in September 2015, and it's still ongoing today. "Volkswagen is committed to its responsibility for the diesel crisis and sees this as another important step to its management", it said in a statement.

This follows the country's recall of 238,000 Daimler vehicles earlier this week as part of a larger, Europe-wide recall of 774,000 vehicles, and the German transport minister also threatened to sue Daimler for 3.75 billion euros should it be found to have used defeat devices in its diesel vehicles.

The German auto giant said it had "accepted the fine" and would not lodge an appeal.

This had led to 10.7 million cars "being advertised, sold to customers and placed on the market with an impermissible software function" in the US, Canada and worldwide between mid-2007 and 2015, the company said. It does, however, end regulatory offence proceedings against Volkswagen, which the Wolfsburg-based carmaker said would help to settle further administrative proceedings against VW in Europe.

The new fine was not included in 28.5 billion euros of provisions that VW set aside for the diesel cheating scandal, and would hit earnings, Evercore ISI said.

"We must plan for interruptions to production in the third quarter", VW chief executive Herbert Diess told workers.

The €1 billion ($1.2 billion) penalty was announced Wednesday by public prosecutors and the company, which said it was hoping to turn a page on emissions cheating.

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