A US judge has approved Volkswagen’s (VW) $14.7bn deal relating to its diesel emissions scandal. The deal, agreed with federal and Californian regulators and 475,000 car owners, was one of the largest-ever recorded corporate settlements. VW still faces billions more in costs to address 85,000 polluting 3.0-liter vehicles and Justice Department fines for violating clean air laws. Up to $10bn will be spent on buybacks with the remaining $4.7bn being devoted to emissions offset and clean-vehicle initiatives. VW will start to buy back affected cars from next month. In a statement released by the company, CEO Matthias Mueller said: “Volkswagen is committed to working closely with our customers in California as we work together towards addressing this issue so that they can continue driving clean
A US judge has approved Volkswagen’s (VW) $14.7bn deal relating to its diesel emissions scandal. The deal, agreed with federal and Californian regulators and 475,000 car owners, was one of the largest-ever recorded corporate settlements. Up to $10bn will be spent on buybacks with the remaining $4.7bn being devoted to emissions offset and clean-vehicle initiatives. VW will start to buy back affected cars from next month. In a statement released by the company, CEO Matthias Mueller said: “Volkswagen is committed to working closely with our customers in California as we work together towards addressing this issue so that they can continue driving clean