VW fined €1bn by German prosecutors over diesel scandal

German prosecutor hits Volkswagen with €1B Dieselgate fine

A German court fined Volkswagen Group €1 billion ($1.2 billion) this week for its role in the 2015 diesel scandal.

The latest billion-dollar fine follows the car-maker being found guilty for similar offences in the United States, where VW agreed to pay $US4.3 billion ($A5.7b) to resolve both a criminal and civil charge. The company said it won't be appealing the fine, one of the highest ever imposed by Berlin.

The fine is the latest blow to Germany's auto industry which can not seem to catch a break from the diesel emissions crisis. "Volkswagen is committed to its responsibility for the diesel crisis and sees this as another important step to its management", it said in a statement.

In the spiralling scandal, Germany ordered Monday the recall of some 774,000 Daimler vehicles across Europe, citing illegal defeat devices. This however concludes the regulatory offence proceedings against Volkswagen, which the automaker said would help in settling further administrative proceedings against itself in Europe, the report said.

VW shares closed 0.1 percent higher at 159.78 euros.

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"We work with vigor on dealing with our past", VW Chief Executive Officer Herbert Diess said in a separate statement.

Hausfeld represents aggrieved VW owners and shareholders on both sides of the Atlantic.

The Wednesday announcement also comes just two days after prosecutors in Munich widened an emissions cheating investigation into Volkswagen's luxury carmaker Audi, to include the brand's chief executive officer among those suspected of fraud and false advertising. "Further steps are necessary to gradually restore trust again in the company and the auto industry".

The one billion euro fine was not accounted for in Volkswagen's 25.8 billion euro provision for Dieselgate-related fines, payouts, fixes and penalties, and would impact upon the Wolfsburg carmaker's earnings, analysts at Evercore ISI said.

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