Volkswagen will pay out $2.7 billion over the next three years, all earmarked to clean up some of the environmental damage its cheating diesels have unleashed. It won’t solve the problem, “but it should result in cleaner air.”
American VW owners will receive the bulk of the settlement (as much as $10.03 billion, or as much as $10,000 per driver plus the cost of buying back their vehicle), with more budgeted for the EPA. Will other countries demand similar payouts?
Fuel economy standards will increase a projected 53% to 54.5 miles per gallon within the next decade, and tailpipe emissions will need to fall. What does Detroit think about the pending challenge? And how will they accomplish the lofty goals?
Volkswagen actually sold more vehicles worldwide during the first quarter (more than 2.5 million overall) but the company’s net profit slumped by 20.1% to 2.31 billion euros. Depending on whether you believe VW or industry analysts, the...
According to the Bild am Sonntag newspaper and testing by the German Federal Motor Vehicle Office, a Fiat model auto has displayed an emission control system that shut down after 22 minutes, just two minutes after a standard test.