Volkswagen to buy back half a million dieselgate cars

Volkswagen Passat dieselVolkswagen will offer to buy back diesel cars fitted with defeat device emissions cheat software as part of a deal agreed in principal with the US authorities.

The firm has reached the agreement with the US Department of Justice (DOJ), the Environmental Protection Agency (EPA) and the Californian Air Resources Board (CARB). The deal is expected to be made binding in the next few weeks.

The final terms of the deal have not been revealed – they’re still subject to negotiations with US authorities – but it is already believed to be significantly more costly to Volkswagen than the firm initially predicted when news of the ‘dieselgate’ defeat device scandal first emerged.

The initial €6.7 billion Volkswagen set aside has already risen to €15 billion.

“Volkswagen is committed to earning back the trust of its customers, dealers, regulators and the American public,” it said in a brief statement.

“These agreements in principal are an important step on the road to making things right.”

Managing Director at @editorial_mr. Runs a bit. Loves the motor industry. https://about.me/richardaucock

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