Photo: Volkswagen AG
On September 18, 2015, the automotive world was struck with one of the biggest scandals since the car was born. Mainly referred to as Dieselgate, the Volkswagen emissions scandal started in the United States and, according to a report, will end in the United States of America as soon as June 28, 2016. In other words, it took VW 284 days to put an end to the scandal that rippled through the entire world.
As reported by Bloomberg, people familiar with the matter suggest that Volkswagen is slated to compensate American owners of polluting diesel cars as much as $7,000 each. More than this, Volkswagen is understood to agree to fund a program with the purpose to offset air pollution in the United States. The report also states that the German automaker will submit a $10 billion settlement to a federal judge.
“In addition to either fixing or buying back the affected cars, VW will provide cash payments worth between $1,000 and $7,000, depending on the vehicle’s age and other factors, to compensate consumers,” relays the publication. That’s not a lot of money considering that the U.S. is riddled with 482,000 diesel-engined Volkswagen cars that pollute as much as 40 times the permitted level of mono-nitrogen oxides.
Regarding that $10 billion or thereabout settlement, a person familiar with the matter suggests that the settlement could exceed $10 B. The deal includes the green dollar bills to buy back vehicles equipped with the so-called defeat device, funds to compensate owners and class-action suits, penalties for not complying with clean-air laws, the lot. Another variable comes in the form of TDI-powered car owners that are on their way to lawyer up. To boot, it is “likely that VW won’t have a final sign-off on its plan to fix the 2-liter cars.”
In related Dieselgate news, former Volkswagen chief exec Martin Winterkorn is under investigation by the financial regulator of Germany, investigators are still searching for the data deleted by Volkswagen employees one week before the scandal broke out, and the KBA gave its approval on the 2.0 TDI fix.
“In addition to either fixing or buying back the affected cars, VW will provide cash payments worth between $1,000 and $7,000, depending on the vehicle’s age and other factors, to compensate consumers,” relays the publication. That’s not a lot of money considering that the U.S. is riddled with 482,000 diesel-engined Volkswagen cars that pollute as much as 40 times the permitted level of mono-nitrogen oxides.
Regarding that $10 billion or thereabout settlement, a person familiar with the matter suggests that the settlement could exceed $10 B. The deal includes the green dollar bills to buy back vehicles equipped with the so-called defeat device, funds to compensate owners and class-action suits, penalties for not complying with clean-air laws, the lot. Another variable comes in the form of TDI-powered car owners that are on their way to lawyer up. To boot, it is “likely that VW won’t have a final sign-off on its plan to fix the 2-liter cars.”
In related Dieselgate news, former Volkswagen chief exec Martin Winterkorn is under investigation by the financial regulator of Germany, investigators are still searching for the data deleted by Volkswagen employees one week before the scandal broke out, and the KBA gave its approval on the 2.0 TDI fix.
Google News