Volkswagen Agrees to $1B Settlement to Buy Back, Fix 3.0L Diesels
After long negotiations and a last minute extension, Volkswagen has finally reached an agreement with regulators on how to compensate owners of vehicles equipped with the 3.0-liter TDI engine, made up of mostly Audi and Porsche SUVs.
Judge Breyer said that the owners will receive “substantial compensation,” but that some issues still need to be resolved. As a result, he set another hearing on Thursday for an update, when more details are expected on exactly what owners will get. An update was expected last Thursday, but Judge Breyer gave VW and regulators an extension so that they could finalize the agreement.
The Associated Press reports that Volkswagen will offer to buyback the 20,000 oldest vehicles, and fix the 60,000 newest ones—saving themselves a substantial sum of money in the process. Overall, the 3.0-liter diesel fix will end up costing a total of about $1 billion when you factor in buybacks, fixes and diesel offsets.
SEE ALSO: Audi Reportedly Buying Back Some Diesel Vehicles
Automotive News reports that VW will pay a $225 million fine to offset emissions from the excessively emitting vehicles. That fine is on top of another $2.7 billion fine that VW agreed to pay in its 2.0-liter TDI settlement.
In addition, Volkswagen has reportedly agreed to pay the California Air Resources Board $25 million and offer three all-electric vehicles, including an SUV, in the state by 2020 with the aim of selling 5,000 of them per year.
A version of this article originally appeared on VWVortex.com
[Sources: Associate Press, Automotive News]
Sebastien is a roving reporter who covers Euros, domestics, and all things enthusiast. He has been writing about the automotive industry for four years and obsessed with it his whole life. He studied English at the Wilfrid Laurier University. Sebastien also edits for AutoGuide's sister sites VW Vortex, Fourtitude, Swedespeed, GM Inside News, All Ford Mustangs, and more.
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I agree with shhh .I would like my 2014 Touareg TDI Sport bought back or have a substantial settlement.The fix will bring the advantages of the TDI to zero. I have been looking for another SUV and 2 of the 4 dealers didn't want the car as a trade and 2 estimated the value 18K and 20K.So Terry you can gladly buy my cheater car for 30.000
So what world they fix on my 2012 TDI?