VW reaches accord with US dealers to cover losses from diesel-cheating scheme
San Francisco
VOLKSWAGEN AG has agreed to pay 652 car dealerships for their losses from the diesel-cheating scheme that has affected more than half a million cars in the US.
The carmaker will buy back unfixable used vehicles under the same terms as a buyback plan for consumers and independent dealers, lawyers for the dealerships said in a statement without disclosing the dollar value of the tentative settlement. Volkswagen said in a separate statement that it agreed to make cash payments and provide additional benefits to the dealers to resolve their claims.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
India’s IndiGo gets into long haul game with Airbus A350 deal
Hertz reports US$392 million loss as it unwinds Tesla fleet burden
Changi Airport’s Q1 passenger movements surpass pre-pandemic levels
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race