Court document reveals Volkswagen has spent $2.9 billion on U.S. buybacks

by SpeedLux
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Volkswagen has paid $2.9 billion to buyback almost 138,000 U.S. diesel automobiles through February 18 due to its emissions scandal, a court file made public on Tuesday reveals.

The report by an independent claims supervisor stated the automaker is buying back and ending leases on about 15,000 automobiles a week. Volkswagen has made deals to buyback vehicles or cancel leases to 323,179 U.S. customers amounting to $5.86 billion, it stated.

Automaker agreed in 2016 to spend up to $10.03 billion to buy back approximately 487,000 polluting 2.0-liter automobiles that have software that enabled them to avert emissions rules in testing.

In last month, a federal judge approved initial approval to a prepare for Volkswagen to pay at least $1.22 billion to repair or buy back a separate group of vehicles – almost 80,000 polluting 3.0-liter diesel cars.

The 3.0 liter cars have an undeclared auxiliary emissions system that permitted the vehicles to release about nine times permitted limitations.

Volkswagen could be required to pay up to $4.04 billion if regulators do not authorize repairs for all 3.0-liter high-end Porsche, Audi and VW diesel automobiles in the settlement. U.S. Judge Charles Breyer will hold a hearing on May 11 on whether to approve last approval to the proposition.

In overall, automaker has now agreed to spent about $25 billion in the United States to deal with the claims from owners, environmental regulators, states and dealerships and to make buyback deals.

Volkswagen is set to plead guilty on March 10 in Detroit to 3 felony counts under a plea agreement to solve U.S. charges it set up secret software in automobiles to enable them to release pollution more than the legal limit.

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