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VW’s Spending on U.S. Diesel Buybacks Reaches $2.9 Billion
Volkswagen AG so far has spent $2.9 billion (€2.7 billion) in the U.S. to buy back 138,000 diesel-powered cars the company had rigged to elude emission standards.
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Volkswagen AG so far has spent $2.9 billion (€2.7 billion) in the U.S. to buy back 138,000 diesel-powered cars the company had rigged to elude emission standards.
Reuters cites a court document that says VW is buying back or canceling leases on about 15,000 vehicles per week. The report by an independent claims supervisor says VW has made buyback offers worth $5.9 billion (€5.5 billion) to 323,200 customers.
Last June VW agreed to spend as much as $10 billion to repurchase about 487,000 4-cylinder diesel vehicles it sold in the U.S. Separately, VW agreed in February to spend an additional $1.2 billion to fix or buy back 80,000 Audi, Porsche and VW brand vehicles equipped with V-6 diesels.
VW could face an additional $4 billion payout if U.S. regulators reject the company’s proposed repair for the V-6 diesels. Such a ruling would force the company to buy back the entire pool instead.
Reuters notes that the carmaker is scheduled on March 10 to plead guilty in a federal court in Detroit to using illegal software. The so-called defeat device enables its diesels to pass U.S. emission tests but then relax pollution controls under real-world driving conditions.
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