Turn to the nation's most objective and informative daily environmental news resource to learn how the United States and key players around the world are responding to the environmental...
More than half the over-polluting diesel cars that Volkswagen sold in the U.S. have been repurchased or repaired, just six months after a $14.7 billion settlement went into effect.
Owners and lessees of VW’s 2.0-liter diesel vehicles were given two options under the settlement: They either could sell their car back to Volkswagen or wait and see if regulators would approve a technical fix that could bring the vehicles into compliance with emissions standards. The buyback effort started in fall 2016 while VW received EPA approval in March to fix its model year 2015 diesel cars.
Getting consumers to participate in the settlement is important for Volkswagen’s bottom line. The settlement calls for the buyback or repair of 85 percent of the affected vehicles by June 30, 2019. If the automaker misses that target, then it will be required to pay $85 million for every percentage point it falls short into an environmental remediation fund intended to offset the excess nitrogen oxides pollution those vehicles caused.
In an April 14 letter to a federal district court, Volkswagen said it has bought back or terminated the lease of just under 238,000 vehicles as of April 12. In addition, the automaker said it has completed an initial emissions modification on about 6,200 vehicles.
The court hasn’t yet approved a separate settlement covering Volkswagen’s larger 3.0-liter diesel vehicles. An approval hearing on that settlement, which covers vehicles such as the VW Touareg and the Porsche Cayenne, is scheduled for May 11.
To contact the reporter on this story: Patrick Ambrosio in Washington at PAmbrosio@bna.com
To contact the editor responsible for this story: Larry Pearl at email@example.com
Volkswagen's April 14 letter to the court is available at http://src.bna.com/nWI.
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)