After Firing Its Boss, Audi Prepares to Pay the Piper
The scandal has raged for over three years, and Audi clearly wants to be done with it. The company said in a regulatory filing Tuesday that, like Volkswagen, it will not fight a fine handed down by German prosecutors over the selling of rigged diesel engines in that country.
Earlier this month, Audi said auf wiedersehen to jailed CEO Rupert Stadler, who’s accused of fraud in relation to the diesel emissions affair. Now, the automaker will hand over a towering pile of euros to finally close this messy chapter in its history.
According to the filing, Audi faces a fine of 800 million euros, or roughly $925 million, for selling six- and eight-cylinder diesel vehicles equipped with emissions-cheating “defeat devices.” Sister division Volkswagen, which sold a larger number of rigged four-cylinder vehicles, agreed to pay a 1 billion euro fine in June, settling its part in the scandal.
By not appealing the fine, Audi admits responsibility in the diesel deception. The automaker warned that its financials will take a hit.
“Considering these special items the Audi Group will significantly undercut major financial key performance indicators forecasted for the fiscal year 2018,” the company said in its filing.
For parent Volkswagen Group, the scandal’s echoes continue. Investigations remain ongoing, with prosecutors targeting former VW CEOs Martin Winterkorn and Matthias Müller. Meanwhile, a massive investor lawsuit, currently ongoing, aims to extract $10.7 billion from the company.
Jasper2 on Oct 18, 2018
I remember being very excited about acquiring a new Audi SUV Q5 several years back. Shortly after acquiring the SUV I smelled oil and observed an unusual oil consumption. I knew I had a leaker. Also, the entertainment function did't always work. Oh yes, then I had Takata airbags. Audi replaced then with newer Takata airbags that were less likely to explode because, as Audi explained, they were newer. Diesel emissions is the least of Audi's problems. Oh yes, please let me have another Audi. Screw Audi and the horsepower it rode in on. P.S. Nothing beats the niche market X4 Beemer SAVI have now. Nothing.
Latest Car Reviews
2021 Ford Mustang EcoBoost Premium Convertible Reader Rental Review – California, Not Quite Dreamin'
Latest Product ReviewsRead more
- FreedMike Back in the '70s, the one thing keeping consumers from buying more Datsuns was styling - these guys were bringing over some of the ugliest product imaginable. Remember the F10? As hard as I try to blot that rolling aberration from my memory, it comes back. So the name change to Nissan made sense, and happened right as they started bringing over good-looking product (like the Maxima that will be featured in this series). They made a pretty clean break.
- Flowerplough Liability - Autonomous vehicles must be programmed to make life-ending decisions, and who wants to risk that? Hit the moose or dive into the steep grassy ditch? Ram the sudden pile up that is occurring mere feet in front of the bumper or scan the oncoming lane and swing left? Ram the rogue machine that suddenly swung into my lane, head on, or hop up onto the sidewalk and maybe bump a pedestrian? With no driver involved, Ford/Volkswagen or GM or whomever will bear full responsibility and, in America, be ambulance-chaser sued into bankruptcy and extinction in well under a decade. Or maybe the yuge corporations will get special, good-faith, immunity laws, nation-wide? Yeah, that's the ticket.
- FreedMike It's not that consumers wouldn't want this tech in theory - I think they would. Honestly, the idea of a car that can take over the truly tedious driving stuff that drives me bonkers - like sitting in traffic - appeals to me. But there's no way I'd put my property and my life in the hands of tech that's clearly not ready for prime time, and neither would the majority of other drivers. If they want this tech to sell, they need to get it right.
- TitaniumZ Of course they are starting to "sour" on the idea. That's what happens when cars start to drive better than people. Humanpilots mostly suck and make bad decisions.
- Inside Looking Out Why not buy Bronco and call it Defender? Who will notice?