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by Rob Lever WASHINGTON, United States (AFP)–Volkswagen has agreed to a record $15 billion US payout over its emissions-cheating diesel cars, pledging to buy back or fix vehicles that tricked pollution tests, and pay each owner up to $10,000. The German auto giant agreed in a settlement filed in federal court Tuesday to pay up to $14.7 billion to American consumers and US authorities, and announced a separate deal to pay $603 million to settle consumer […]
WASHINGTON, United States (AFP)–Volkswagen has agreed to pay $10 billion to settle a huge US civil case over its diesel emissions-cheating scandal, a person familiar with the negotiations told AFP on Thursday. As part of the settlement, Volkswagen would compensate owners of around 480,000 2.0-liter diesel cars up to $7,000 in cash each, and would also fund a program to fight air pollution, the person said. Volkswagen admitted in September that it had installed software on […]
FRANKFURT, Germany (AFP) 5/31/2016 – Embattled German auto giant Volkswagen said Tuesday that it was satisfied with business in the first quarter, despite falling sales and profits, and it would stick to its targets for the whole year. “The VW group put in a solid performance in the first three months,” the statement said. “In view of the many challenges we’re currently facing, we’re satisfied overall with the start we made into what will undoubtedly be a […]
LONDON, United Kingdom (AFP) — Norway’s sovereign wealth fund, the world’s largest, is to sue German carmaker Volkswagen over an emissions-cheating scandal that caused it huge losses, the Financial Times reported Sunday, May 15. “We have been advised by our lawyers that the company’s conduct gives rise to legal claims under German law. As an investor it is our responsibility to safeguard the fund’s holding in Volkswagen,” Peter Johnsen, the chief executive of the fund’s […]
TOKYO , Japan (AFP) — Nissan Motor confirmed Thursday it was in capital tie-up talks with scandal-hit Mitsubishi Motors, as media reports said the deal would effectively be an acquisition that would create a mega-automotive group. The deal, if agreed, would create a firm that would rival global titans Toyota and Volkswagen in terms of sales volume, Japanese media said. “Nissan and Mitsubishi are discussing various matters including capital cooperation, but nothing has been decided,” […]
Daimler shares are marked down sharply on news of a probe into the Mercedes parent company’s emissions. The carmaker’s also taken a hit from a 9% drop in Q1 operating profits.
SOURCES say Volkswagen is expected to buy back some 500,000 diesel vehicles sold in the United States that exceeded legal emission levels. Two sources tell Reuters that Volkswagen and US officials have reached a framework deal to buy back some 500,000 vehicles that used sophisticated software to evade US emission rules. The German automaker is expected to buy back the Jetta Sedan, golf compact and Audi A3 sold since 2009. After VW admitted last year […]
SEOUL, South Korea (AFP) — Prosecutors raided Volkswagen’s South Korean head office Friday, a spokesman for the car-maker said, as part of a probe into the firm’s emissions-cheating scandal. Investigators confiscated computer hard drives and documents after searching the headquarters in Seoul and other Volkswagen offices in the South Korean capital, Yonhap news agency said. Homes of company officials in charge of product quality control were also raided. “We have made clear that we will […]
