Skip to main content

VW Agrees to 3.0-liter TDI Settlement Worth $1.2 Billion

Owners of certain Volkswagen, Audi and Porsche vehicles caught up in the diesel emissions scandal will receive hefty payouts, even if their vehicles aren’t bought back by the manufacturer.

Volkswagen and supplier Robert Bosch GmbH have agreed to a settlement worth a combined $1.55 billion, Reuters reports. The agreement covers about 80,000 vehicles outfitted with emissions-cheating 3.0-liter diesel V6 engines — 20,000 of which will return to the automaker for good.

While parting with a beloved luxury vehicle can be difficult, cold hard cash has a way of softening the emotional blow.

According to court documents, Volkswagen’s share of the settlement amounts to $1.22 billion, while Bosch will chip in $327.5 million for its role in the scandal. The U.S. Federal Trade Commission, which sued VW in the wake of the scandal, reportedly backed the deal 100 percent. Some of the cash will go towards environmental initiatives.

Because of its older engine design, Volkswagen doesn’t have a hope in hell of fixing the more aged 3.0-liter diesel models. As such, all 2009-2012 model year vehicles will be bought back, then sent into the automotive afterlife. Vehicles sold from 2013 to 2016 will be brought to compliance through a fix, with the owners receiving a nice little payout for their troubles.

Of course, that’s if VW is actually capable of providing a fix. There’s been no approved fix as of yet, though the automaker remains confident that a technical solution is on the way. After reaching an initial settlement with owners shortly before Christmas, VW made sure everyone knew about its Plan B — basically, if the Generation 2 engine fix fails to satisfy regulators, it will buy back or terminate the leases of those vehicles. The automaker could also seek permission for a partial fix, reducing nitrogen oxide (NOx) emissions.

So, what can owners expect in terms of greenbacks?

For the buyback crowd, VW will write checks for $7,500 on top of the value of the vehicle. If you’re in line for a fix, expect compensation ranging from $7,000 to $16,000, plus an extra $500 if the fix ends up sapping the vehicle’s performance.

But wait, there’s more! More cash, that is. Bosch, which refuses to admit any wrongdoing in the scandal, will fork over its own monetary penance. The sum should amount to about $1,500 for each 3.0-liter diesel owner.

[source: Reuters]

This article first appeared on The Truth About Cars

The post VW Agrees to 3.0-liter TDI Settlement Worth $1.2 Billion appeared first on VWVortex.



from VWVortex http://ift.tt/2khoNzk
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Review: Saying Goodbye to the CC V6

For all its size and its global reach, Volkswagen is still, in many ways, a deeply human company. There was, for instance, the Bugatti Veyron an ego project if ever there was one. Then the purchase of Ducati, a move most called folly. And then there was the Phaeton, the Volkswagen that most folks can’t afford. Not only were these moves all strange, I’m sure that they made VW’s accountants furious. None of them made good business sense, but they were all deeply interesting and they all are evidence of the heart that beats at the center of VW. Among these follies is the CC, a car that everyone agrees is rakishly handsome, but that no one really wanted to buy. The car couldn’t last, but the world is brighter for its having been in it. With the approach debut of the Arteon, it seems like a good time to look back on its sadly departing predecessor. The version I drove, because I live in Canada, is a V6 Wolfsburg Edition, which apparently isn’t available in the States. Nor is the V6, not as...
Post a Comment
Read more

T-Prime Makes World Premiere at Beijing

[ See image gallery at www.vwvortex.com ] The SUV segment is one of the fastest growing segments in the world and Volkswagen is showing the world how to do it. With the new T-Prime Concept GTE that was revealed today, the company is showing off all of the technology you can look for in its coming models. The T-Prime is a full-size hybrid SUV that can go up to 31 miles on a charge and gets 87 mpg. The hybrid power station is good for 375 hp and 516 lb/ft of torque and puts the power down with 4MOTION all wheel drive. It’ll get you up to 60 in six seconds. The concept’s real party piece, though, is its interior, which features exclusively touch, gesture, and voice controls. Everything from the infotainment, to the display, and even the gears are controlled by touch-screen. The T-Prime Concept GTE is bigger than the Touareg, and design elements are likely to find their way into all of their SUVs, of which there will be many. Volkswagen is also announcing that they expect to make an S...
Post a Comment
Read more

Audi Teases the e-tron’s Headlights Ahead of LA Reveal

Audi will unveil its new electric car, the e-tron GT, in just a few short days, but until then, it will do what manufacturers can’t help but do and will tease it mercilessly. The latest teaser images first appeared on Germany’s Bild , and feature some of the EV’s lighting. While the taillights look reasonably familiar, albeit on an interesting, angular surface, the headlights feature a heretofore unseen light shape. The X-shape (or maybe an R-shape, from the right angle) in the middle of the e-tron GT’s headlights set it apart from the rest of the lineup, even the e-tron SUV (whose lights look R8-ish with their angular check-shaped top line.) #Sneak Peek: the #Audi #etron GT concept – stay tuned for the big #world #premiere on November 28. pic.twitter.com/NIg0z6bIwR — AUDI AG (@Audi_Press) November 25, 2018 The long and low sedan will be based on the same platform as the Porsche Taycan, which is said to hit 60 mph in just 3.5 seconds and whose batteries will all be stowed...
Post a Comment
Read more