VW Group ‘Diesel Scandal’ costs hit USD25 billion………and still profitable?
Volkswagen AG has agreed to a settlement worth up to USD232 million with owners of vehicles in Canada affected by its diesel emissions-cheating scandal. The agreement provides for cash payments to owners of about 20,000 units of their 3.0-liter Volkswagen, Audi and Porsche diesel vehicles in Canada and is subject to court approval. The German automaker also agreed to pay a USD2.5 million Canadian dollar civil penalty.
Last year, in a similar settlement in the United States, VW agreed to spend at least USD1.22 billion to fix or buy back nearly 80,000 vehicles with 3.0-liter engines. It also agreed to pay owners of vehicles who obtained fixes for excess emissions between USD8,500 and USD17,000.
In total, the German automaker has now agreed to spend more than USD25 billion in North American to address claims from owners, environmental regulators, U.S. states and dealers and to make buyback offers. The company said in September it had set aside USD30 billion to address the scandal.
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