Volkswagen Hit With One Billion Euro Fine For Dieselgate

Thu 14th Jun 2018

The Volkswagen Group has been handed one of the highest ever fines imposed on a company following the emission tests scandal which has dogged the German manufacturer.

Volkswagen accepted responsibility for the crisis, and public prosecutors in Braunschweig imposed a huge one billion euro fine, equivalent to £880m.

The scandal arose after it was revealed that VW had sold more than 10.7 million cars globally which were fitted with a device intended to cheat emissions tests. The German manufacturer admitted selling the cars between 2007 and 2015 and said: “Following thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step toward the latter being overcome.”

VW had previously agreed a 4.3 billion dollar settlement in the US earlier this year to resolve criminal and civil penalties associated with the emissions scandal.

The Group had set aside 30 billion dollars to cover fixing the cars, paying clear air fines and also buying back cars in the United States.

The diesel emissions story has since moved across to other car brands, with Audi and Porsche also now under investigation.