Volkswagen: fined one billion euros in Germany

(CercleFinance.com) - Volkswagen announced yesterday that it has "accepted" the fine and resulting liability for the 1 billion euros fine handed down by the prosecutor's office in Brunswick, Germany, in the "dieselgate" case.


This is the maximum fine provided for under German law, the statement said, in the case of manipulating the EA 288 and EA 189 Diesel engine emission test results for a total of 10.7 million vehicles worldwide, including in North America, between mid-2007 and 2015.

The German car maker will therefore not appeal against this fine, which means that it accepts responsibility. Similarly, the legal proceedings of this case are coming to an end in Germany.

A Parisian analyst said this morning that although the fine is high in absolute terms, it is very low relative to the sanctions imposed in the United States (...) while there were significantly more vehicles involved in this fraud in Europe.


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