Volkswagen is buying back 500,000 cars to compensate for #DieselGate
Volkswagen was very bad, and now they have to pay the price.
Basically, if you bought one of these cars, Volkswagen has to offer to buy it back from you or pay for it to get fixed.
— CNNMoney (@CNNMoney) April 21, 2016
The settlement could cost the company close to $10 billion.
BREAKING: Source: Volkswagen has agreed to spend just over $1 billion to compensate owners of diesel cars that cheat on emissions tests.
— The Associated Press (@AP) April 20, 2016
The Justice Department, the Federal Trade Commission, the US Environmental Protection Agency and the state of California had sued Volkswagen last September, after their diesel cars were found to be emitting up to 40 times more pollution than allowed.
And that's not all: Volkswagen also has to fix nearly 90,000 Porsche, Audi and SUV engines their company made.
They still need to decide whether they'll be reselling the fixed cars or giving it back to the owners. As part of the deal, they also have to set up environmental and consumer compensation funds. They have til June 21st to hammer out the details.
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Anugya is originally from New Delhi, India. She studied journalism at the CUNY Graduate School of Journalism in New York, graduating with a master's in international reporting. She plans to travel one day to all the places she reads about. She likes reading fiction, pop music, and going to the beach, but absolutely hates anyone mangling or shortening her name (which is quite common). She binge watches Korean dramas and anime series. She's a freelance writer and has produced content that has appeared in NBC, The Times of India, Time Out Delhi, and other publications.