Porsche pays $600m to close its Dieselgate chapter
Porsche will pay $US600m in fines to cover its involvement in the Volkswagen diesel emissions scandal.
The Stuttgart prosecutor’s office hit Porsche with the fine for "negligent breach of duty" in skirting German emissions laws—prompted initially by the United States when the scandal broke in 2015—and arrived at the total based on Porsche's current profits. Those profits, at nearly 18 per cent per car, are double that of Audi.
Unfortunately for Porsche higher-ups, the fine does not get them out of ongoing criminal investigations. Ex-research and development head, Wolfgang Hatz, was arrested in September, 2017, and released nine months later on a $US3.5m bond. His investigation is ongoing, with Porsche saying it will not appeal.
As a result of the scandal, Porsche has said it will drop diesels from its lineup entirely. Previously, the VW-developed 3.0-litre turbodiesel V6 was deployed in the Cayenne, Panamera and Macan.