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Volkswagen to buy back its dirty carsVolkswagen may have to pay up to $10 billion to car owners and $4 billion in cleanup and prevention as part of it's settlement with US regulators over its dirty diesel cars.
[SOUND] VW could be paying billions for dirty cars. Details of its Dieselgate settlement with US regulators have finally been made public. And it's looking to be one for the history books. The German car manufacturer will have to pay up to ten billion dollars to the owners of the half million diesel cars affected by the issue, 2.7 billion for environmental cleanup and two billion to promote zero emission vehicles. For years, Volkswagen had knowingly been selling diesel cars with fuel emissions way beyond the legal limits in the US. By selling software that basically cheated the emissions testing. The company only came clean after it was hit with accusations from the Environmental Protection Agency back in September. So if you bought a VW or Audi Diesel between 2009 and 2016, you may be eligible for a restitution payment of 5 to $10,000. And a new car, well sort of. Volkswagen will buy back the car for what it was worth before the scandal hit or repair it to make it compliant with US laws and extend the warranty. Buy backs and repairs could begin as early as this fall if and when the settlement is approved. But VW will still face a long road to recovery.