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 scandalThe 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.
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.