Volkswagen make it back to the headlines as their emission scandal is about to end. The car company agreed to pay car owners up to $10 billion to buy back cars that were involved in the scandal.
It was previously reported that Volkswagen cheated their way through emission testing, which ended up with the largest civil court settlement in automobile history. Aside from paying their consumers, Volkswagen was also ordered to pay around $5 billion for the environmental damage as a result of their cheated emission testing.
The hefty amount was released on Tuesday, which was the deadline provided by the court as per NPR's report. The details are not yet final, as it is yet to be approved. It was then added that the Volkswagen customers won't be able to receive the amount after a few months after the agreement would be approved.
Volkswagen's official website also announced that the settlement would cover the company's lapses as they announced their cars are clean amidst the fact that it runs on diesel. The company got tied with the scandal as it was discovered that their cars release high amount of pollution which is a lot higher than what the U.S. regulations allow.
NPR highlighted that around 500 cars are involved with the settlement. It was the added that the consumers will get an option as to whether they would sell their Volkswagen vehicles for the resale value, or they would have the car repaired by Volkswagen themselves to comply with the U.S. emission laws.
The amount is not yet certain as it would solely depend on the number of car owners that would choose to sell their vehicle. It was then mentioned that it would cost Volkswagen around $10 billion if car owners would choose to sell their cars to the company.
