Audi Fined EUR 800 Million by German Public Prosecutor; Maintaining Our EUR 230 FVE for VW
No-moat-rated Volkswagen's Audi brand was fined EUR 800 million by a German public prosecutor, consisting of a maximum penalty of EUR 5 million and a EUR 795 million disgorgement of economic benefits. Audi's press release referred to the prosecutor issuing an "administrative order" against the company for "deviations from regulatory requirements" in the manufacturing and sales of certain Audis equipped with V6 and V8 diesel engines. We view the fine as manageable, given Volkswagen's net liquidit...
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