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VW “Way Ahead” on U.S. Diesel Buyback Program
Volkswagen AG say it has already reacquired half the 475,000 diesel-powered cars it sold in the U.S. that had been rigged to cheat emission laws, The Wall Street Journal reports.
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Volkswagen AG say it has already reacquired half the 475,000 diesel-powered cars it sold in the U.S. that had been rigged to cheat emission laws, The Wall Street Journal reports.
The company agreed to the $10 billion buyback program last summer and will face new fines if it fails to retrieve at least 85% of the affected vehicles in two years. VW is offering owners cash payments between $5,100 and $10,000 per affected vehicle. The cars, all powered by a 2.0-liter 4-cylinder diesel, will be scrapped or repaired.
VW sales in the U.S. have grown 10% this year to 76,300 units, according to Autodata Corp. The carmaker estimates that 20%-30% of participants in the diesel buyback scheme end up buying another VW model.
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