That’s how much the crucifixion of VW has cost – and not just VW. It has cost us high-economy diesel engines, which have all but vanished from the passenger car market (though they are making something of a comeback in the truck market).
Germany’s government just added another $1.2 billion to the tab – and VW, thoroughly broken, has bended knee and is begging forgiveness for its supposed sins.
“It is one of the highest fines ever imposed on a company in Germany,” the prosecutor said in a statement.
“Volkswagen accepted the fine and it will not lodge an appeal against it,” it added. “Volkswagen, by doing so, admits its responsibility for the diesel crisis and considers this as a further major step towards the latter being overcome.”
Wednesday’s decision does not affect civil proceedings pending before the courts, such as complaints brought by car buyers, and there is an ongoing criminal investigations by German prosecutors against a total of 49 persons.
Still, the company said it hoped the fine would earn it a reprieve.
“Volkswagen assumes that such termination of the proceedings will also have significant positive effects on further active administrative proceedings in Europe,” it said in a statement.
Martin Winterkorn, the former chief executive officer of Volkswagen, was indicted last month by US prosecutors. He was charged with wire fraud, and conspiracy to defraud American customers and violate the Clean Air Act.
Winterkorn was the ninth person charged by the US government over emissions cheating. Two former engineers have pleaded guilty.
You’d think someone had been harmed by all of this.