Iconic German Car-Maker Porsche Fined 535 million Euros

In what can only be called a pretty hefty setback to one of the most revered sports car brands in the world, Porsche has been fined a whopping 535 million euros.

To do a little bit of math in order to understand the gravity of the fine, one could say, that among the leading German car-makers has been dented with approximately 600 million US dollars.

Apparently, the massive fine imposed on Porsche is due to the issue of the polluting diesel vehicles, an element of controversy that spiraled into being a globe-trotting headline sometime in the recent past.

That said, given the fact that Porsche’s diesel-polluting vehicles emitted more harmful pollutants than what one may have expected or ever allowed got the company to bite the bitter pill that it has to now swallow.

In a report published on the revered NDTV, the Porsche controversy was elaborated upon and the following revelations came to light:

“The Stuttgart prosecutor’s office has levied a 535-million-euro fine against Porsche AG for negligence in quality control,” the investigators said. Porsche “abstained from a legal challenge” against the decision, the prosecutor’s office added.”

To that end, a question arises and one that could well dent a damning blow to the huge corporation. Does the massive imposition of fine mean that Porsche’s reputation is under some form of a collapse now? How badly is this issue going to hurt the global sales and image of a car brand that’s become, over the past several decades, an adjective of speed?

In lines with the above controversy, it’s important to note that the ongoing Porsche issue is being termed as ‘dieselgate’ according to the German prosecutors investigating the matter.

In lines with the above, what should concern the pantheon of admirers that Porsche has successfully accumulated over the years is the fact that the automotive behemoth itself admitted as being responsible for the anomaly in the diesel cars.

Apparently, back in 2015, the German carmaker said that as many as 11 million diesel cars were ‘manipulated’ worldwide. This was done intentionally around the world in order to have the sales continue the way they were back then and the manipulations were carried out in various research laboratories.

Additionally, ever since the news of the scandal broke, things have been all helter-skelter for the famous car-maker from Stuttgart, Deutschland. NDTV further elaborated on the story by stating the following in its report:

“Meanwhile, thousands of investors are suing the company for the losses they suffered on its shares when news of the scandal broke, while hundreds of thousands of drivers are also demanding compensation.”