US approves $14.7B VW deal amid emissions scandal

Global Business

us-approves-14-7b-vw-deal-amid-emissions-scandal

The largest auto-scandal settlement in U.S. history was just approved, while VW buybacks start soon.

CCTV America’s Phil Lavelle reports.

US approves $14.7B VW deal amid emissions scandal

US approves $14.7B VW deal amid emissions scandal

The largest auto-scandal settlement in U.S. history was just approved, while VW buybacks start soon. CCTV America’s Phil Lavelle reports.

It’s been two years now since this whole saga began – one that has been disastrous for this company.

At the University of West Virginia where scientists, testing emissions in cars discovered that VW used software designed to fool tests. Giving the impression their diesel cars were environmentally friendly and it was a lie.

Nearly half a million Americans were actually driving vehicles pumping out fumes up to 40 times the legal limit and 11 million, across the world.

Top management quit, court cases were filed and VW set aside up to $18 billion to deal with the fallout.

Now, VW and Audi owners will get up to $10,000 in compensation. And their vehicles will be bought back at the list price from the day before the scandal was confirmed. Or keep their cars and have them fixed free.
Either way, VW has lost its place as the world’s top car maker. Toyota’s raced off with that one.

Volkswagen's vehicle sales in the United States in September 2015 and September 2016, by segment (in units)

The statistic represents the number of Volkswagen vehicles sold in the United States in September 2015 and September 2016 sorted by segment. In September 2016, the German automaker sold 283 vehicles under its Bentley brand. Volkswagen Group’s sales declined by around 3.6 percent in September 2016, compared with September 2015.

Volkswagen's operating profit from FY 2006 to FY 2015 (in million euros)

The timeline shows Volkswagen’s operating profit from the fiscal year of 2006 to the fiscal year of 2015. In light of the diesel scandal, Volkswagen produced operating loss of around four billion euros in 2015.


Bruce Belzowski on Volkswagen and the fallout from the emissions scandal

For more on Volkswagen and the fallout from the emissions scandal, CCTV America’s Karina Huber spoke to Bruce Belzowski, managing director of the University of Michigan Transportation Research Institute’s Automotive Futures Group.