Daimler Fined $960 Million to Settle Rigged Diesel-Car Probe
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German prosecutors fined Daimler AG 870 million euros for “negligent violation” in a probe into selling rigged diesel cars.
Prosecutors found the maker of Mercedes-Benz cars sold about 684,000 vehicles that didn’t completely comply with regulations on emissions of nitrogen oxides, according to statement from Stuttgart authorities and Daimler.
The fine is the latest fallout from heightened scrutiny in the aftermath of Volkswagen AG’s diesel-cheating scandal, which continues to reverberate across the German auto industry four years later. Volkswagen CEO Herbert Diess and Chairman Hans Dieter Poetsch on Sept. 24 were charged with market manipulation in Germany over allegations they failed to inform investors early enough about the rigged engines.
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Authorities in Stuttgart, Daimler’s hometown, opened proceedings earlier this year. Volkswagen’s Porsche unit in May settled for 535 million euros, and parts supplier Robert Bosch GmbH agreed to pay 90 million euros.
Daimler reaffirmed its financial guidance, saying the fine isn’t expected to have a significant impact on third-quarter earnings.
