BETTER PARTSBillion comparison not the end
Wolfsburg/Herndon (United States), June 29, 2016
As Volkswagen confirmed in an official communication, the Group has agreed in the manipulation affair to TDI diesel engines with U.S. Federal agencies, private plaintiffs and 44 States on a comprehensive compensation package. It includes surrenders, compensation and fines in the amount of up to 14.7 billion U.S. dollars (about 13.3 billion euros).
475,000 cars affected
At a total 475,000 2.0-litre TDI vehicles, Volkswagen provides surrenders, leasing repurchase, or officially approved technical adaptations in Vista. 460,000 Volkswagen and 15,000 vehicles of the Audi brand. VW sets up a Fund of US $ 10,033 billion to finance these measures. "This amount is based on a participation rate of 100 percent and the assumption that 100 per cent of eligible customers either opt for a buyback or a premature withdrawal of leasing", according to the release.
Multi-billion dollar environmental support
The remaining nearly 4.7 billion dollars are composed of payments into a Fund for the promotion of environmental projects ($2.7 billion over a period of three years), as well as in investment in infrastructure to reduce emissions (two billion dollars over a period of ten years). As it currently stands in the case of the 3.0-litre V6 TDI engines, not exactly out of VW message. Here, it only says that continues to rapidly become worked to find an amicable solution for affected vehicles.
Decision end of July
Before the comparison can come into force, the competent judge Charles Breyer, where the US charges are bundled, must approve the design. His decision is expected for the 26 July 2016. The applicant will then have the opportunity to accept the settlement offer or continue to sue individually. According to media reports, the compensation per owner amounts depending on the age of the cars on about 5,000 to 10,000 dollars. On top of that VW must offer the customers to buy their cars back.
"Considerable burden"
VW Chief Financial Officer Frank Witter warns: "reference solutions of this magnitude burden us without a doubt significantly." Overlooking the overall provisions in the amount of EUR 16 billion for the costs of the exhaust gas scandal another problem emerges: for the solution in the United States, already well 80 percent of the crises pad would be used up, all over the world, but 11 million vehicles are affected. VW CEO Matthias Müller sees in the US agreement "an important step forward". It was however aware "that we must do much, to win back the trust of the American people."
Crisis not over yet
That it angered customers in other parts of the world with such statements, as well as the high Entschädigunszahlungen for US customers, should be clear. That these measures due to stricter legislation in the United States are necessary, but not will do comparable ways in other countries emerges from the latest release again. The exhaust gas scandal is not over so still long for Volkswagen. The pressure of the consumer centres is growing in Germany, also threaten lawsuits by investors because of alleged market manipulation. (black & white)