VW’s US emissions compensation totals $15bn | Smart Highways Magazine: Industry News

VW’s US emissions compensation totals $15bn

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It’s being reported that German carmaker Volkswagen has reportedly reached a $15bn (£11.3bn) settlement with American car owners after admitting it cheated emission tests.

The BBC quotes various news agencies and “sources close to the talks” to say the deal would offer to repair or buy back the affected diesel vehicles and pay owners compensation, according to sources close to the talks.

Last year, US regulators discovered that VW cars were fitted with software that could distort emissions tests, and the carmaker admitted 11 million cars were affected worldwide.

The report says the settlement is still pending approval by a judge, but it would be the largest car scandal settlement in the country’s history.

According to news agencies, the legal settlement sets aside $10bn to repair or buy back around 475,000 affected vehicles with 2-litre diesel engines, and to compensate owners with a payment of up to $10,000.

Car owners would still be able to decline the VW offer and sue the firm on their own.

 
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