Dieselgate: Volkswagen fined €1 billion by German government
German prosecutors find VW guilty of emissions cheat; German car-maker says it won't appeal against the fineVolkswagen has been fined €1 billion ($A1.6b) by German authorities for cheating emissions on 10.7 million vehicles sold between 2007 and 2015.
The fine, claimed to be one of the highest fines ever imposed by German prosecutors, is in response to Volkswagen cars being found with "impermissible software functions".
In response to the fine, Volkswagen has confirmed it will not launch an appeal but says it now considers all further proceedings against it in Europe will be settled.
"Following thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome," the company said in a statement issued late Wednesday night, our time.
The latest billion-dollar fine follows the car-maker being found guilty for similar offences in the US, where VW agreed to pay $US4.3 billion ($A5.7b) to resolve both a criminal and civil charge.
Volkswagen had reportedly put aside an astonishing €26 billion ($A40.3b) to cover the costs of fixing, and paying fines, related to Dieselgate, which is thought to involve almost 11 million diesel cars worldwide.
Commenting on last night's unprecedented fine, VW CEO Herbert Diess said: "We work with vigour on dealing with our past.
"Further steps are necessary to gradually restore trust again in the company and the auto industry."
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