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“Substantial Progress” on VW Deal about U.S. Diesel Cheating
Volkswagen is making “substantial progress” in reaching a settlement with U.S. customers and government agencies over the company’s cheating on diesel emission tests, says U.S. District Judge Charles Breyer.
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Volkswagen is making “substantial progress” in reaching a settlement with U.S. customers and government agencies over the company’s cheating on diesel emission tests, says U.S. District Judge Charles Breyer.
The parties have a June 21 deadline from Breyer’s San Francisco court to reach a final agreement. The judge reiterates that the settlement will include significant compensation to 482,000 owners of Audi and Volkswagen vehicles whose 4-cylinder diesels were found to emit as much as 40 times the allowable level of smog-forming nitrogen oxides.
VW continues to seek a deal for an additional 80,000 V-6 diesels also flagged by environmental agencies as using “defeat” software to evade emission standards. The cheating was uncovered eight months ago.
Separately, a source tells Reuters that VW now believes the €16.2 billion ($18.1 billion) it has arranged to pay for repairs, fines and legal settlements will be sufficient to cover its identified costs to date.
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