Dieselgate affair is one of the biggest in the history of automobile industry. The goal of this paper was to examine what kind of effects it had on Volkswagen’s Group business. By using the financial statements from 2005-2015 that have been acquired from Volkswagen Group official web site, conducted tests have led to the conclusion that only part of the hypothesis that were set up before research can be accepted. The hypothesis that have been accepted are H1 and H2, therefore it can be concluded that the affair has led to the significant decrease of the Groups solvency and its stock prices. Hypothesis that are rejected are H3, H4 & H5, to be more specific they were: the affair has significant and negative effect on the income from sales of vehicles, the affair Dieselgate has significantly and negatively affected the number of sold vehicles and lastly, liquidity of VW Group has been significantly and negatively affected. Even though that stock prices and solvency of the Group have been affected, further effects have to be closely monitored. New CEO has been appointed in the events after the affair, and he has announced that Groups style of management will be changed, and that the Group will set off on a new course into the future. Some of the management staff have been replaced with new people who should lead the Group into a new era. In regards to Volkswagens importance to the EU, it is imperative that it must continue where it stopped as soon as possible, and that is on its way to becoming the biggest automaker in the world.