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VW's Audi Unit Settles Munich Diesel Probe for $926 Million

  • Penalty will ‘significantly’ hit 2018 financial performance
  • Volkswagen shares rise after Audi settlement disclosure
German national flags fly from used Audi AG automobiles on the forecourt of the automaker's showroom in Berlin, Germany, on Tuesday, June 19, 2018. Volkswagen AG named Bram Schot as interim chief at its Audi unit, selecting the luxury brand's sales chief to replace longtime leader Rupert Stadler following his arrest Monday over his role in VWs diesel-emissions cheating.
Photographer: Krisztian Bocsi/Bloomberg
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Volkswagen AG’s Audi unit agreed to pay an 800 million-euro ($926 million) fine for its role in the diesel-cheating scandal that has disrupted the car industry for more than three years and landed Audi’s longtime leader in jail.

The penalty consists of the maximum fine of 5 million euros and the seizure of 795 million euros in profits the company made selling rigged engines, Munich prosecutors said in a statement. As part of the deal, Audi admitted that it had deviated from regulatory requirements.