It’s been more than three years since news broke that Volkswagen had used illegal software to cheat diesel emissions tests and almost two years since the German automaker reached a $14.7 billion settlement with U.S. regulators. Despite the amount of time that’s passed, the fallout from the scandal still continues. In the latest development, Germany just fined Audi nearly a billion dollars.
Reuters reports that Audi has been ordered to pay €800 million, or about $926 million at current exchange rates, for its role in the scandal. Audi will reportedly pay the fine without filing an appeal. This news comes only a few months after Germany handed Volkswagen a similar €1 billion ($1.16 billion) fine. Audi also recently fired (now former) CEO Rupert Stadler after he was arrested following a criminal investigation into the scandal.
As you can imagine, such a large fine won’t be good for Audi’s profitability. It’s already released a statement warning that yearly earnings will be affected. “Considering these special items the Audi Group will significantly undercut major financial key performance indicators forecasted for the fiscal year 2018,” said Audi in its statement. Volkswagen’s profitability will also likely be impacted, as well. This latest fine brings the total cost of the scandal to nearly $33 billion, according to CNN.
The post Germany Fines Audi $926 Million for Cheating Diesel Emissions Tests appeared first on Motor Trend.
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