Volkswagen fined $1.18B for diesel emissions cheating - http://earlyretireonline.com | how to earn money fastJune 13, 2018 4:21 pm
Categorised in: Breaking Financial News
Dieselgate may be coming to an end.
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German prosecutors have fined the automaker 1 billion euros ($1.18 billion) on Wednesday for cheating on diesel emissions tests.
Volkswagen said it will accept the fine, therefore admitting responsibility for the scandal.
“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 towards the latter being overcome,” the company said in a statement on Wednesday.
Prosecutors concluded that the German automaker failed to properly oversee the activity of its engine development department, resulting in more than 10.7 million diesel vehicles with illegal emissions-controlling software being sold worldwide.
The scandal, which first came into light in 2015, has already cost Volkswagen billions in penalties that were previously imposed by U.S. authorities.
The company said it hopes paying the German fine will have a positive effect on other official proceedings being conducted in Europe against the automaker.
“We work with vigour on dealing with our past,” VW CEO Herbert Diess said in a separate statement. “Further steps are necessary to gradually restore trust again in the company and the auto industry.”