Volkswagen fined $1.18B for diesel emissions cheating

Lloyd Doyle
Июня 14, 2018

Volkswagen AG will pay a 1 billion euro ($1.2 billion) fine imposed by German prosecutors for cheating to get around diesel-emissions regulations, closing one chapter in a three-year-old crisis even as new developments arise.

The fine is among the largest imposed on a company in Germany's history, according to the prosecutor in the case, and it shows that the German automaker is still dealing with the fallout from a persistent pattern of lying to regulators.

The rigging of as many as 11 million diesel cars worldwide was uncovered by USA authorities in September 2015 and triggered the deepest crisis in the manufacturer's history. Germany's government on Monday ordered Daimler to recall almost 240,000 cars fitted with illicit emissions-control devices, part of a total of 774,000 models affected in Europe as a whole.

The prosecutor's office in Braunschweig ordered the fine against the carmaker for organizational deficiencies in supervision which failed to prevent "impermissible software functions" from being installed in 10.7 million cars between 2007 and 2015.

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The fine comes two days after prosecutors in Munich widened their emissions cheating probe into Volkswagen's luxury carmaker Audi, to include the brand's chief executive Rupert Stadler among the suspects accused of fraud and false advertising. 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.

VW is far from being out of the woods.

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. "Further steps are necessary to gradually restore trust again in the company and the auto industry".

Analysts at Evercore ISI said the fine would likely help end all criminal investigations against VW in Europe, but would not settle shareholder lawsuits.

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