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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The German automaker still faces a U.S. Justice Department investigation and its production will be monitored more closely.
Volkswagen Group of America chief Hinrich Woebcken called the latest development “another important step forward in our efforts to make things right for
In 2015, VW admitted to installing software that masked the fact that its diesel cars were emitting 40 times the legal allowable pollution levels.