Daimler fined $1 billion over diesel car certification

Associated Press

Berlin – German prosecutors have fined Daimler 870 million euros ($957 million) over the alleged certification of diesel cars whose emissions didn’t comply with regulatory requirements.

Prosecutors in Daimler’s home city of Stuttgart said Tuesday that Daimler was fined over a negligent violation of supervisory duties. Daimler said it had concluded that it was “in the company’s best interest” to conclude the proceedings and it wouldn’t appeal.

The company said prosecutors’ finding that Daimler’s alleged failings caused some vehicles to deviate from regulatory requirements from 2008 refers essentially to recall orders by German authorities. It said it is maintaining its objections against those orders “in order to get clarity also for the future.”

Daimler said the fine won’t cause any additional impact to its third-quarter earnings and it is maintaining its forecast.