Volkswagen automaker company was fined 1 billion euros ($1.18 billion) in Germany


The company said it will accept the fine, admitting responsibility for the scandal. Prosecutors concluded that the German automaker failed to properly oversee the activity of its engine development department, resulting in more than 10.7 million diesel vehicles with illegal emissions-controlling software being sold worldwide. “We work with vigour on dealing with our past. Further steps are necessary to gradually restore trust again in the company and the auto industry” VW CEO Herbert Diess said in a statement.

Inside a VW factory

The scandal broke in September 2015 when US researchers discovered that millions of Volkswagen diesel cars had been installed with faulty software that made the vehicles appear to pass emissions standards. Volkswagen is also facing fines or investigations from 19 other countries including the US, Canada, India, Brazil, China and Australia. There are also still several lawsuits from German consumers pending against the company. How much the biggest crisis of its history will eventually cost Volkswagen is still unknown. VW is the biggest carmaker in the world and employs over 640,000 people. New CEO Herbert Diess revealed intention to focus in the future on electric cars. By 2025 he wants to be building 3 million electric cars a year. He promised investments of around €34 billion through 2022.


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