Volkswagen vows to ‘make things right’ with $17.5B settlement
The automaker’s cost to make amends with consumers continues to climb. Here’s the latest on settlement numbers and what consumers should know.
Volkswagen’s epic diesel emissions debacle might be coming to an end.
The company has struck a deal for the remaining 80,000 vehicles that were found to contain software that helped them cheat on emissions tests. VW execs say it will buy back some of the tainted cars (with added compensation) and plans to fix others.
The latest settlement with the U.S. Environmental Protection Agency is for a reported $1 billion, and includes the buyback option for 20,000 of its 3-liter diesel models. The other 60,000 will not be given a buyback offer if they can be made compliant with pollution standards.
In total, this brings Volkswagen’s total settlement costs to $17.5 billion in the United States between buybacks, settlement payments to owners and fines from state and federal regulators.
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