Volkswagen paid $2.9 billion for buying 487,000 polluting 2.0-liter vehicles

Last Updated: March 2, 2017By Tags: , ,

According to the court documentation that have become public, Volkswagen AG has paid $2.9 billion for buying back almost 138,000 U.S. diesel vehicles up to February 18th. Al this under the settlement for emission violations, disclosed in 2015.

Unofficial sources said that Automaker from Germany is purchasing back or closing the lease contract for about 15.000 vehicles per week. Up to now it was offered about 323,179 buybacks or leas cancelation to the customer all over the U.S. i total amount of $5.86 billion. VW agreed last year to spend up to $10.03 billion to buy back up to 487,000 polluting 2.0-liter vehicles that have software that allowed them to evade emissions rules in testing.

For nearly 80,000 polluting 3.0-liter diesel preliminary approval granted on the court

Earlier this month, a federal judge granted preliminary approval to a plan for Volkswagen to pay at least $1.22 billion to fix or buy back a separate group of vehicles — nearly 80,000 polluting 3.0-liter diesel vehicles. The 3.0 liter vehicles have an undeclared auxiliary emissions system allowing vehicles to emit up to nine times over the limit.

VW could be forced to pay up to $4.04 billion if regulators do not approve fixes for all 3.0-liter luxury Porsche, Audi and VW diesel vehicles in the settlement. U.S. Judge Charles Breyer will hold a hearing on May 11 on whether to grant final approval to the proposal. In total, VW has now agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and to make buyback offers.

Volkswagen is set to plead guilty on March 10 in Detroit to three felony counts under a plea agreement to resolve U.S. charges it installed secret software in vehicles to allow them to emit pollution up to 40 times the legal limit. As part of a $4.3 billion settlement with U.S. regulators, VW agreed to sweeping reforms, new audits and oversight by an independent monitor for three years to resolve diesel emissions-cheating investigations.

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