BaFin fines Volkswagen €1.2 million over disclosure

German financial regulator BaFin announced on October 9, 2026, that it imposed an administrative fine of 1.2 million euros, or about $1.3 million, on Volkswagen AG. The penalty stems from a breach of capital market rules requiring the timely and proper disclosure of market-moving information.

The watchdog found that Volkswagen failed to meet its ad-hoc disclosure obligations when publishing guidance for fiscal year 2023. In a March 2023 press release, the carmaker projected revenue growth between 10.0% and 15.0%, alongside an operating return on sales between 7.5% and 8.5%. Following the guidance release on March 3, 2023, Volkswagen shares gained 10.0% intraday.

Under the European Union Market Abuse Regulation, the statutory maximum penalty for such violations can reach 2.5 million euros or up to 2.0% of total annual turnover.