POAHY Porsche Automobile Holding SE (PK)

   By Nathan Allen 
 

Porsche AG, the luxury car brand owned by Volkswagen AG (VOW.XE), said Tuesday that it has been fined up to 535 million euros ($598.9 million) by the Stuttgart Prosecutor's Office for failing to comply with emissions regulations.

The fine comprises EUR4 million for a negligent breach of duty and a levy of up to EUR531 million, depending on future profitability, the company said.

Porsche said it won't appeal the fine and the proceedings are now closed.

The results of the investigation show that some Porsche employees failed to complete necessary supervisory duties in some testing of exhaust gases, which led some vehicles to deviate from regulatory requirements from 2009, the company said.

"Concluding the proceedings is another important step towards ending the diesel topic," Porsche said, noting that it has never developed or produced diesel engines.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 07, 2019 08:11 ET (12:11 GMT)

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