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Volkswagen has paid 68.6 billion RMB to American car owners for emissions fraud

2024-11-24 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)07/28 Report--

The amount of compensation Volkswagen is paying consumers over its emissions gate has been officially disclosed. According to foreign media sources, a final report from the Federal Trade Commission shows that Volkswagen has paid a total of more than $9.8 billion in settlement fees for affected U.S. car owners.

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VW's emissions gate is the biggest carmaker fraud in recent years. In 2015, Volkswagen was exposed to an emissions scandal, in which the company was found to have used cheating software to fake diesel emissions tests to avoid detection by regulators, but the actual emissions exceeded the standard by 10-14 times.

Volkswagen admitted to installing emissions-cheating software in some diesel models and agreed to offer buy-back or repair services to owners of more than 550,000 of its vehicles sold in the United States. More than 86 percent of consumers who complete claims choose to return their cars through buybacks or early lease termination rather than getting them repaired, the report shows.

In addition to resolving consumer claims, Volkswagen has paid more than $20 billion in criminal fines, civil fines and other legal settlements in the US market.

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Over the past five years, Volkswagen has lost 31.3 billion euros (257.1 billion yuan) in emissions events. Affected European consumers are still struggling to sue for rights, demanding that the public pay the price.

Volkswagen expects the losses from emissions to continue until 2021, and the group says it has the funds ready.

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