Audi Fined $927 Million Over Heavily Polluting Engines
Audi accepts the fine and will not lodge an appeal against it.
For representation purpose. (Image: REUTERS/Benoit Tessier)
German premium car brand Audi, a division of Volkswagen, said it was fined 800 million euros ($927 million) on Tuesday for violations tied to heavily polluting six- and eight-cylinder diesel engines.
"Considering these special items the Audi Group will significantly undercut major financial key performance indicators forecasted for the fiscal year 2018," Audi said in a regulatory statement.
Parent Volkswagen warned its earnings would also be affected.
Audi accepts the fine and will not lodge an appeal against it, the company said. By doing so, it said it admits its responsibility for the deviations from regulatory requirements.
Earlier this month, Volkswagen terminated the contract of Audi Chief Executive Rupert Stadler, who is under investigation for suspected involvement in emissions cheating. Sales executive Bram Schot is acting as interim CEO.
Volkswagen Group received a similar 1 billion euro fine in June when prosecutors in Braunschweig also used a so-called administrative order to punish VW for oversight problems which allowed millions of polluting cars to hit the road.
VW was fined for developing and selling polluting four-cylinder engines, while prosecutors in Munich at the time said they were examining whether to impose similar fines Audi.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Akshay Kumar and Housefull 4 Team Go for Early Morning Shooting on The Kapil Sharma Show
- Hina Khan Slams People for Comparing Her and New 'Komolika' Aamna Sharif as Ekta Kapoor Weighs In
- Bigg Boss 13: Are Sidharth Shukla and Arti Singh Getting Close Again?
- Mercedes-Benz G 350 d Launched at Rs 1.5 Crore in India
- Redmi Note 8, Redmi Note 8 Pro Launched in India: Specs, Price and More