Porsche Fined Half A Billion Euros

2023 Author: Natalie MacDonald | [email protected]. Last modified: 2023-05-21 02:36

The Stuttgart court fined Porsche 535 million euros, writes Deutsche Welle. The automaker will pay this amount for negligence and failure to fulfill its obligations during Dieselgate, a large-scale scandal with falsification of exhaust toxicity, in which the Volkswagen concern was convicted.

• This amount includes a fine for improper technical control of manufactured machines and compensation for unjustified economic benefits. According to the investigation, systematic violations have been committed since 2009.
• Porsche decided not to appeal and pay a fine. For this, funds have already been allocated in the company's budget.
• At the moment, the losses of Volkswagen AG due to Dieselgate have already reached $ 30 billion. This amount includes fines, costs of recall campaigns, buybacks of illegal cars in the US market, as well as payments to investors and individuals in numerous lawsuits.

• In addition, a number of high-ranking managers and engineers of the concern were under investigation. In particular, the US authorities accused the former head of Volkswagen Martin Winterkorn of fraud. According to investigators, Winterkorn made a deception of American investors: in the United States, securities of the concern totaling $ 13 billion were issued already at a time when the company's management knew about problems with emission standards, and the value of the shares was unreasonably overstated.