BERLIN -- German prosecutors have imposed a fine of 535 million euros ($598.99 million) on Porsche for neglecting supervisory obligations linked to diesel emissions cheating, they said in a statement on Tuesday.
Prosecutors in the southern city of Stuttgart said that the company's development department had neglected its legal obligations, which ultimately led to the sale of diesel cars in Europe as well as other regions that did not comply with emissions rules.
Porsche, a subsidiary of Volkswagen Group, has not appealed, they said.
Porsche confirmed the fine and said that prosecutors' proceedings against the company had now come to an end.
The company said it would account for the settlement in the second quarter.
"Porsche AG has never developed and produced diesel engines," the company statement said. "Concluding the proceedings is another important step towards ending the diesel topic. In the fall of 2018, Porsche announced its complete withdrawal from diesel and is fully focused on the development of cutting-edge gasoline engines, high-performance hybrid powertrains and electric mobility."
Automotive News contributed to this report.
