VW TDI badgeEnlarge Photo
The fallout from a global emissions cheating scandal keeps falling. This week, German authorities fined Volkswagen AG nearly $1.2 billion for selling more than 10 million cars with emissions-cheating software.
The sum pales in comparison to the billions Volkswagen has paid in the U.S., which has totaled more than $24 billion so far, but is one of the largest penalties levied in Germany.
In a statement, VW said it would pay the fine without appeal.
"Following thorough examination, Volkswagen AG accepted the fine and it will not lodge an appeal against it. Volkswagen AG, by doing so, admits its responsibility for the diesel crisis..." the automaker said in a statement Wednesday.
Although the penalty is substantial, it may be relief for the automaker in Europe to finally put a price on ending criminal investigations in Europe. The $1.2 billion fine is less than many analysts expected and will help to close another chapter for the automaker to move past a widespread cheating scandal that scarred the automaker's reputation and position once as the world's biggest automaker.
Volkswagen faces several civil proceedings overseas related to the diesel scandal, and it's unclear how Wednesday's admission will impact those trials going forward.
But VW AG is far from being clear from the diesel dirt.
Days before the announced fine, German investigators broadened their investigation of VW and raided Audi CEO Rupert Stadler's home in Munich this week, Bloomberg reported. Stadler is the highest-ranking active VW AG executive implicated in the scandal.
Stadler is being investigated for falsifying public documents and fraud related to the diesel scandal. Audi officials did not comment on the raid.