“”Diesel great”: in Germany, Volkswagen was fined 1 billion euros
The Prosecutor’s office of the city of Braunschweig in Lower Saxony has fined the carmaker Volkswagen AG (VW) for 1 billion euros in connection with the “diesel scandal”, said in a press release of VW.
The company agreed with the fine, admitted its responsibility and will not file an appeal.
The amount includes the maximum possible penalty of 5 million euros and another 995 million euros in the form of return of illegally obtained profits.
As it turned out during the investigation, the company violated the rules of monitoring when testing about 10.7 million cars equipped with diesel engines. These vehicles were sold with illegal programs installed on them, underestimating the emissions of harmful substances during testing.
VW shares rose by 0.2% on Wednesday. Since the beginning of the year, the company’s capitalization has decreased by 4% to 80 billion euros.