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VW Says €6.7 Billion Will Cover Repairs for All Cheater Diesels
Volkswagen AG says the €6.7 billion ($7.3 billion) it budgeted previously should be enough to repair 11 million diesels that were rigged to evade emission tests.
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Volkswagen AG says the €6.7 billion ($7.3 billion) it budgeted previously should be enough to repair 11 million diesels that were rigged to evade emission tests.
CEO Matthias Mueller tells Reuters TV the fixes will include new catalytic converters for about 430,000 affected cars in the U.S. and the possibility of buying back certain older models in that market.
The U.S. Environmental Protection Agency, which uncovered the cheater diesels last September, reiterates that it won’t approve any repairs until they are fully tested and bring the targeted vehicles into regulatory compliance.
VW’s repair budget does not include regulatory fines and lawsuits that could add many billions to the price of resolving the scandal. Finalizing those costs is likely to take several years.
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