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Porsche will pay a fine of half a billion euros

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Porsche will pay a fine of half a billion euros
May 07
09:00 2019

The prosecutor’s office in Stuttgart has fined Porsche. The premium car manufacturer was found to be in violation of the requirements for levels of harmful emissions. The amount paid by the automaker will be 535 million euros. We recall that Porsche is part of a huge concern Volkswagen.

The violations found relate to models of Porsche with diesel engines, which have been produced since 2009.

The manufacturer never did diesel engines. Power units from Audi were used when assembling cars. However, managers and engineers were not able to refine the engines so that they met the emission requirements.

An official Porsche report said that during the audit, the prosecutor’s office was able to identify a number of violations that had been committed by the employees during emission testing. As a result, the cars were equipped with the systems the work of which did not meet regulatory requirements.

The manufacturer has already announced that it is not going to challenge the decision of the authorities. The case against Porsche has been completed, which in turn has led to the logical conclusion of the “diesel scandal”.

Also, a huge fine has had an effect on the quotations; on Tuesday, Porsche shares lost 1.7%.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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