VW to Pay Owners up to $7,000

Posted by Andrew Richardson on

According to a report from CNN, Volkswagen AG will either buy back, or provide modifications and cash payouts to buyers of it's over 478,000 emission-evading diesel cars, as well as funding a grant program to help address the effects of air pollution.

Between the estimated costs of buybacks and repairs, and the several billion earmarked for environmental cleanup and clean air initiatives, VW is looking at just under a $15 billion total loss in the settlement.

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The cars had specialized software installed to detect when emission testing was taking place and severely reduce the cars emission output, before reverting to up to 40 times the allowable level of some pollutants when outside of testing conditions.

The settlement is the largest ever for an automotive company, and one of the largest for any corporation regardless of industry.

 

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