Porsche fined 535 million euros over diesel scandal

IRL/GB

Porsche fined 535 million euros over diesel scandal

Porsche fined over diesel scandal

Porsche has been fined 535 million euros related to the diesel emissions scandal which broke with the Volkswagen group back in 2015 when VW admitted to manipulating 11 million cars globally to cheat emissions tests.

Porsche, a subsidiary the giant German carmaker Volkswagen was slapped with this huge fine for dereliction of duty surrounding the emissions-cheating scandal.

This is the latest fine against the VW group for the use of software to hide the actual true levels of harmful emissions produced by diesel cars.

German Prosecutors in Stuttgart said the manufacturer had "abstained from a legal challenge" against the decision.

Thousands of investors have been suing Volkswagen since 2015 over losses they suffered when news of the scandal broke. Hundreds of thousands of car owners are also suing VW for compensation in the United States and other countries.

Porsche said in a statement,  that the cost of the fine was included in a provision of around €1 billion booked by VW in the first quarter. Dieselgate has cost Volkswagen around €30 billion so far.

IRL/GB