14/06/2018

Volkswagen fined €1bn

Reuters reports that Volkswagen has been fined €1bn by German authorities over the emissions cheating scandal.

The fine is one of the highest fines ever imposed by German authorities against a company. VW has also agreed to pay $4.3bn to resolve any issues in the US.

'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 toward the latter being overcome,' the company said in a statement.

Germany has recently ordered a recall of Daimler vehicles which have also used the cheating devices and it has been reported that Audi is now facing investigation for the same issue.