emissionscheating
Latest
Volkswagen scandal might force it to sell luxury brands
The Volkswagen saga continues, as the company deals with the aftermath of its emissions scandal. According to Reuters, the German automaker has secured a loan of roughly 20 billion euros in order to pay for resulting lawsuits and to compensate consumers whose cars are now worth less following the admission. However, there's a catch. In order to assure that it can pay back the loan, Volkswagen had to confirm that it's prepared to sell off some of its smaller holdings including Bentley, Lamborghini and Ducati.
Germany orders recall of 8.5 million emissions-cheating Volkwagens
The outcome for consumers affected by the diesel emissions cheating scandal that has enveloped Volkswagen over the past month is becoming clearer, at least in Europe. According to the AP, Germany is ordering the company to recall all cars that include the emissions-cheating software across the European Union. That comes out to 8.5 million cars out of the total 11 million affected vehicles that were sold worldwide. Naturally, the fix will be free for owners -- and it's still possible that Volkswagen could compensate those who own cars affected by the scandal, as resale values are sure to drop significantly.
Volkswagen may give money to owners of emissions-cheating cars
If you're one of the 11 million owners of a Volkswagen car that's part of the company's huge emissions cheating scandal, you might be getting some compensation for the vehicle's lost value. As reported by ABC News, Volkswagen US CEO Michael Horn (pictured above) testified today in front of a congressional subcommittee and said that the company might pay the owners of affected cars as a way to make up for the fact that resale value for those vehicles (and indeed pretty much any VW out there) is going to drop. However, Horn said that Volkswagen wouldn't be refunding customers money. The company also isn't planning to provide loaner cars for owners, as the affected vehicles are still safe to drive (even though they're releasing up to 40 times more than the EPA's acceptable standard).
