German prosecutors fine Audi $927M over diesel scandal


2019 Audi Q8, Atacama Desert, Chili, media drive, June 2018

2019 Audi Q8, Atacama Desert, Chili, media drive, June 2018

German prosecutors served Audi a $927 million fine for violating diesel emission regulations in Europe. Specifically, the fine pertains to 6- and 8-cylinder diesel engines that did not comply with emissions laws, Reuters reported Tuesday.

The massive fine prompted Audi to cut key financial performance indicators and parent automaker VW also said the fine will affect its earnings. The German luxury brand also said it has accepted the penalty. By accepting the fine, Audi admitted responsibility for its actions in producing vehicles that did not meet regulatory requirements.

At Audi, the brand's former chief executive officer, Rupert Stadler, was arrested in Germany in June for his connection to the diesel scandal. The arrest pushed back the reveal of Audi's first battery-electric car, the e-tron crossover SUV. Since Stadler's arrest, VW terminated the executive and stripped him of his position on VW's board of management. His arrest and termination came as the latest shift in management across VW and its brands.

Prosecutors served Volkswagen Group a fine totaling $1.16 billion for allowing millions of over-polluting cars on European roads. In October 2016, a U.S. judge approved VW’s $14.7 billion buyback for cars featuring the 2.0-liter diesel engine, and in February 2017, VW agreed to a $1.2 billion settlement in the United States with owners of vehicles powered by 3.0-liter diesel engines. Affected vehicles included the Porsche Cayenne Diesel, Volkswagen Touareg, and numerous Audi models. One month earlier in January, VW settled diesel-scandal criminal charges with a $4.3 billion fine in the U.S. as well.

In total, VW's diesel scandal has cost the automaker over $30 billion in buybacks, fixes, and fines in Europe and North America. It's likely the figure will grow once German authorities finish their investigation.

 
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