VW Could Pay 10+ Billion Dollars As Compensation For Diesel Gate

Written By:

If reports are to be believed, Volkswagen might end up paying $10 Billion as compensation for the diesel gate scandal to its customers.

VW has been discussing the issue with US authorities and people familiar with the matter are saying that the losses are being assessed and might end with those numbers.

How this could sum is that Volkswagen might have to pay each customer in the range of $1000 to $7000 depending on the model, year of manufacture, and 'other factors' before it can conclude the exact compensation amount.

Based on the deliberations, the average fine could hover around $5000 and a possible buy back of the affected cars which is expected to be around 5,00,000, the numbers looks bad for the German car manufacturer.

In addition to the compensation, Volkswagen needs to pay $ 4 billion to compensate the environmental damage affected by the diesel cars in the US. Also, it is facing the same issue around the globe and other nations could charge a fine towards it.

The diesel gate scandal by Volkswagen came to light in September 2015 and the car maker has been facing and receiving flak. The final hearing of the settlement is slated for 26 July, 2016.

Click to compare, buy, and renew Car Insurance online

Buy InsuranceBuy Now

Read more on: #volkswagen #auto news
Story first published: Saturday, June 25, 2016, 11:48 [IST]
Please Wait while comments are loading...

Latest Wallpapers