Getting those cars fit for United States emissions tests would have come at a cost. Most carmakers rely on one of two main technologies for stripping out nitrogen oxides, according to the International Council on Clean Transportation. Meeting tough American standards probably means using both, as BMW does in America. That typically adds around €400 per car for the more sophisticated technology, according to council data.

Apply that cost to all of the 10.8 million cars that VW says were implicated in its emissions-dodging scandal, and it suggests that the carmaker saved no more than €4.3 billion over six years by neglecting to make its diesels clean. If only the 482,000 cars actually sold in the United States legally required this extra technology – because permitted nitrogen oxide levels in Europe are higher, tests less stringent and fines lower – the saving is less than €200 million.

Since VW’s misdeeds were uncovered, the company’s shares have plunged, wiping almost €29 billion off the company’s market capitalization. Simply put, shareholders have lost more than €140 in market value for every single euro that VW saved by cutting corners on its diesel engines in the United States. It’s hard to think of a better reminder that cheating doesn’t pay.