German prosecutors issued a one-billion-euro penalty ticket for public diesel fraud

According to foreign media reports, on June 13th local time, the German prosecutor in Braunschweig said that from 2007 to 2015, Volkswagen Group installed "illegal software functions" on 10.7 million vehicles, so it imposed a billion euros on them. (About 7.54 billion yuan) fine. On the same day, the Volkswagen Group stated that it was punishing.

The Volkswagen Group stated in its statement: “After thorough inspections, the Volkswagen Group accepts penalties and no longer appeals. By doing so, the Volkswagen Group is taking responsibility for the diesel emissions crisis and is a major step forward in resolving the emissions scandal. In January 2017, Volkswagen pleaded guilty in the United States and agreed to pay US$4.3 billion to resolve civil and criminal lawsuits for cheating on diesel vehicle emissions in the United States.

Brunswick prosecutors said that the fine will not resolve any civil claims and owners’ claims. However, the prosecution will end the investigation of Germany’s Violation of the Order Act against the Volkswagen Group. VW Group stated that the conclusion of the investigation will help resolve other administrative litigation in Europe.

However, Brunswick is still investigating Volkswagen Group CEO Herbert Diess and Hans Dieter Poetsch, Chairman of the Supervisory Board of the Volkswagen Group, and suspects that the above two executives are suspected of having market manipulation.

According to reports, the 25.8 billion euros that Volkswagen Group reserved for the diesel emissions scandal did not include the penalty imposed by Germany. Evercore ISI analysts believe that it will have a certain impact on the VW Group's earnings. VW said it will hold a management meeting to discuss the latest developments. Diess said that he will continue to take measures to solve the diesel cheating scandal in order to reshape the company’s credibility.