Volkswagen Readies $10B to Pay for Cheating Diesel Cars in US
Volkswagen will reportedly submit a $10 billion plan to fix half-a-million cheating diesel cars in the U.S.
The German automaker is still waiting for the U.S. Environmental Protection Agency (EPA) and the California Air Resources Board (CARB) to approve the German automaker’s proposed fixes, but Volkswagen is ready to pay $6.5 billion to car owners and $3.5 billion to the U.S. government and California regulators in fines.
Lawyers for car owners are set to submit the proposed deal to the San Francisco federal judge overseeing U.S. lawsuits by June 28, and the settlement will include options for buybacks or for owners to terminate leases early.
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Under the proposed deal, current Volkswagen diesel owners will have the option to have their cars repaired, but it’s a possibility that Volkswagen might not even get around to fixing all the affected cars. The company has the capacity to fix about 5,000 vehicles a week under the settlement, which means it would take almost two years until it gets around to repairing all 482,000 cars.
The company is still subject to lawsuits in Germany and faces a criminal probe there as well as in the U.S.
[Source: Bloomberg]
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