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Volkswagen fined 1 billion euros by German authorities over diesel scandal

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Prosecutors in Germany have imposed a $1.2 billion fine on Volkswagen for rigging diesel engine emissions worldwide.

The €1 billion ($1.2 billion) penalty was announced Wednesday by public prosecutors and the company, which said it was hoping to turn a page on a scandal that has rocked the company and killed industry sales of diesel cars.

 “It is one of the highest fines ever imposed on a company in Germany,” the prosecutor said in a statement.

Volkswagen (VLKAY) said it accepted the penalty, which related to inadequate oversight in the department that develops powertrains — engines and transmission systems.

The prosecutor found that the failings resulted in 10.7 million vehicles being sold to customers in the United States, Canada and worldwide “with an impermissible software function in the period from mid-2007 until 2015,” Volkswagen said in a statement.

 “Volkswagen accepted the fine and it will not lodge an appeal against it,” it added.

“Volkswagen, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome.”

Volkswagen first admitted in 2015 it had rigged millions of diesel engines to cheat on emissions tests.

Diesel cars from Volkswagen and its Audi subsidiary cheated on clean air rules with software that made emissions look less toxic than they actually were.

The scandal sent its share price plunging, and trashed confidence among consumer and regulators in diesel technology. The episode has already cost Volkswagen over $30 billion in recalls, legal penalties and settlements.

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