Both the buyback price and amount of additional compensation will depend on the cars’ value before Volkswagen’s public admission on September 18 last year that its “clean diesel” cars were deliberately designed to fool emissions tests, reported The New York Times. However, owners can still choose to refuse the offer and sue the company on their own.
The settlement also includes $2.7 billion (approximately Rs 1.8 lakh crore) for environmental mitigation and another $2 billion (nearly Rs 1.36 lakh crore) for research on zero-emissions technology. The settlement has yet to be approved by a judge.
The German automaker had fitted many of its cars with a software to fool emissions tests. Investigators said that the cars emitted more than 40 times the legal limit of nitrogen oxide.
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