In December 2016, Volkswagen agreed to buy back 20,000 units of vehicles and was expected to fix more 60,000 vehicles later. Now, to fix the issue, Volkswagen will pay $1.26 billion or will buy back 80,000 units of the 3.0-litre engine vehicles. According to the US Federal Trade Commission, if the owners don’t wish to approve to fix the issue the company will have to pay $ 4.04 billion to the regulators or much more towards the individual compensation.
In a settlement approved by a US Judge, the customers who opt to fix their 3.0-litre vehicles will get compensation between $7,000 and $16,000 from the manufacturer. Along with this, the owners who don’t want to fix the issue can also opt for buy back at $7500. To fix the issue or buy back the 3.0-litre engine, the process will be divided into two stages. At the earlier stage, the cars include 2009–2012 Volkswagen Touareg and Audi Q7s, while at the later stage 2013–2016 Touareg; 2013–2015 Q7; 2014–2016 Audi A6, A7, A8, A8L and Q5, 2013–2016 Porsche Cayenne diesel.
On the other hand, German car maker auto part supplier, Bosch has agreed to pay a total amount $325.7 million to the owners of 3.0-litre engine and 2.0-litre engine vehicles. In the agreement, Bosch will pay $350 to 2.0-litre engine vehicle owners, while $1,500 each to 3.0-litre engine vehicle owners.
Hinrich J. Woebcken, President and CEO of Volkswagen Group of America, said, “We will continue to work to earn back the trust of all our stakeholders and thank our customers and dealers for their continued patience as this process moves forward.”
