Emission Scandal: VW To Pay $15 Billion & Buy Back Diesel Vehicles

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German automaker Volkswagen has agreed to buy back its polluting cars and fund clean energy automotive solutions as part of a $15.3 billion settlement agreed with the US government.

The $15.3 billion settlement is the largest ever automotive settlement in the history of the United States comes more than 10 months after the emissions scandal was first exposed in September 2015.

The settlement covers 475,000 VW Group vehicles including the Golf,Jetta, Beetle, Passat and the Audi A3 that use the 2.0-liter VW TDI diesel engine and were from the 2009 to 2015 model years. 

Volkswagen will set aside $10.033 billion to cover buybacks and fixes for its diesel cars and SUVs fitted with the emissions test duping software.

In addition to this Volkswagen will provide $2 billion over the next 10 years to the California government and the Environmental Protection Agency to promote construction of electric vehicle charging infrastructure and the development of zero-emissions vehicles.

VW will also pay the California government and tribal agencies $2.7 billion to help them replace old diesel buses or to help fund infrastructure to cut down diesel emissions.

Volkswagen also announced a $600,000 settlement with 44 other US states, the District of Columbia and Puerto Rico with regards to the issue.

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Read more on: #volkswagen #auto news
Story first published: Wednesday, June 29, 2016, 11:21 [IST]
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