Tag: VW

Audi slapped with a $930 million fine by German prosecutor for its diesel cheating scandal

Alex Kraus | Bloomberg | Getty Images
Emissions testing equipment, manufactured by AVL Ditest GmbH, sits connected to the exhaust of an Audi AG A5 diesel automobile at a garage in Bruchkoebel, Germany, on Wednesday, July 26, 2017.

German luxury automaker Audi will pay a fine of roughly $930 million to settle regulatory action in its home country for rigging some of its diesel vehicles with illegal software designed to defeat emissions tests, the company said Tuesday.

Settling the case with prosecutors in Munich brings Audi parent Volkswagen one step closer to putting its ongoing diesel emissions scandal behind it. Volkswagen has already paid out billions of dollars in fines after news broke in 2015 that it fitted millions of vehicles with devices designed to make emissions levels on diesel vehicles appear lower than they actually were.

The Munich public prosecutor required Audi to accept responsibility as part of the agreement.

In June, Audi CEO Rupert Stadler was arrested in connection with the scandal.

Audi said in a statement that “the fine will directly will directly affect Volkswagen AG's financial earnings and, as a negative special item, reduce the group earnings for fiscal year 2018 accordingly.”

Audi fined £700m over diesel scandal

Audi has been fined €800m (£700m) to settle an investigation by German prosecutors into breaches of diesel emissions rules. The premium car brand, owned by Volkswagen, said it “accepts the fine and … admits its responsibility”. In June, VW agreed a €1bn settlement in Germany over the emissions scandal, which came to light in 2015.… Continue reading Audi fined £700m over diesel scandal

VW targets online sales, over-the-air updates in new contract with European dealers

FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) will overhaul its dealership and sales organization by April 2020 to enable online sales and over-the-air software updates for its new electric cars, the German automaker said on Tuesday. FILE PHOTO: The logo of Volkswagen is seen at their plant in Wolfsburg, Germany, April 12, 2018. REUTERS/Fabian Bimmer/File Photo “Online… Continue reading VW targets online sales, over-the-air updates in new contract with European dealers

Munich II public prosecutor concludes regulatory offences proceedings by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility

The Munich II public prosecutor today issued an administrative order against AUDI AG in its capacity as affected party (Betroffene) pursuant to sections 30 para. 1, 130 para. 1 of the German Act on Regulatory Offences (Ordnungswidrigkeitengesetz – OWiG) in the context of deviations from regulatory requirements in certain V6 and V8 diesel aggregates and… Continue reading Munich II public prosecutor concludes regulatory offences proceedings by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility

Munich II public prosecutor concludes regulatory offences proceedings against AUDI AG by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility

The Munich II public prosecutor today issued an administrative order against AUDI AG in its capacity as affected party (Betroffene) pursuant to sections 30 para. 1, 130 para. 1 of the German Act on Regulatory Offences (Ordnungswidrigkeitengesetz – OWiG) in the context of deviations from regulatory requirements in certain V6 and V8 diesel aggregates and… Continue reading Munich II public prosecutor concludes regulatory offences proceedings against AUDI AG by issuing administrative order imposing a fine (Bußgeldbescheid) / AUDI AG accepts the fine and, by doing so, admits its responsibility

Geely-backed flying-car developer Terrafugia starts taking orders

The Terrafugia Transition is pictured at at the New York auto show in April 2012. Photo credit: BLOOMBERG Terrafugia, a U.S. flying-car developer owned by Chinese automaker Zhejiang Geely Holding Group, has begun taking orders for its first product. Deliveries of the Transition, a two-seat aircraft that can switch between driving and flying modes in… Continue reading Geely-backed flying-car developer Terrafugia starts taking orders

German carmakers have 50:50 chance of facing Detroit’s fate, VW says

FRANKFURT (Reuters) – German carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform their businesses to meet new regulations and adapt supply chains, Volkswagen’s (VOWG_p.DE) chief executive said on Tuesday. FILE PHOTO: Mechanic staff work on the production line of Volkswagen e-Golf in the Glaeserne… Continue reading German carmakers have 50:50 chance of facing Detroit’s fate, VW says

Volvo warns some vehicle engines may exceed emission limits

STOCKHOLM (Reuters) – Sweden’s Volvo (VOLVb.ST) said on Tuesday an emissions control component used in its vehicles was degrading more quickly than expected, which could cause engines to exceed emission limits for nitrogen oxides, sending its stock down sharply. The logo of Volvo is seen on the front grill of a Volvo truck in a… Continue reading Volvo warns some vehicle engines may exceed emission limits

VW CEO says German carmakers have only 50 percent chance of staying ahead

FRANKFURT (Reuters) – Germany’s carmakers only have a 50 percent chance of surviving as leading players in the auto industry unless they transform to meet new regulations and adapt their supply chains, Volkswagen (VOWG_p.DE) Chief Executive Herbert Diess said on Tuesday. FILE PHOTO: Herbert Diess, Volkswagen’s new CEO, speaks during the Volkswagen Group’s annual general… Continue reading VW CEO says German carmakers have only 50 percent chance of staying ahead