Volkswagen To Compensate $1 Billion To US Customers Over Emission Scandal

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The German car manufacturer Volkswagen has reached a deal that should give some relief to the owners of the remaining 80,000 diesel vehicles embroiled in the firm's emission scandal.

Volkswagen is offering a buyback option and will provide compensation to any repairs or repurchases made. US regulators and a federal judge stated that the company has reached a deal of $1 billion with the US Environmental Protection Agency.

The settlement will offer 20,000 diesel car owners a choice of buyback. Although, the settlement figueres does not include additional payments to owners. Volkswagen claims that it can repair the remaining 60,000 vehicles and will not offer a buyback.

According to a judge, any additional compensation to the car owners will be substantial. But he did not reveal the figures and stated that the sides has to do a lot of work.

This deal was a major step after the eruption of the global scandal that damaged the Volkswagen's reputation in the global market and hurting its sales badly.

President and CEO of Volkswagen Group of America InC., Hinrich J. Woebcken stated that this deal was an effort from Volkswagen to make things right to its customers.

Woebcken said, "We are committed to earning back the trust of all our stakeholders and thank our customers and dealers in the United States for their patience as the process moves forward."

The new deal requires Volkswagen to buy back or terminate the leases of 2009 to 2012 Volkswagen Touareg and Audi Q7 diesel models. And it is unlikely to fix these vehicles to meet the emission norms.

But the Volkswagen vehicles produced from 2013 to 2016, there will be no buy back option as the vehicles will be repaired to remove the cheating software installed. The cheating software turned on the pollution control system under the testing conditions but as soon as the vehicles hit the road the controls were turned off.

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Story first published: Wednesday, December 21, 2016, 11:17 [IST]
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