Porsche to pay 535 milllion euro fine over diesel cheating affair

Porsche confirmed the fine and said that prosecutors’ proceedings against the company had now come to an end

German prosecutors have imposed a fine of 535 million euros ($598.99 million) on German luxury carmaker Porsche AG for neglecting supervisory obligations linked to diesel emissions cheating, they said in a statement on Tuesday.

Porsche, a subsidiary of Germany’s biggest carmaker Volkswagen, has not appealed the ruling. (AFP)

Prosecutors in the southern city of Stuttgart said that the company’s development department had neglected its legal obligations, which ultimately led to the sale of diesel cars in Europe as well as other regions that did not comply with emissions rules.

Porsche, a subsidiary of Germany’s biggest carmaker Volkswagen, has not appealed, they added.

Porsche confirmed the fine and said that prosecutors’ proceedings against the company had now come to an end.