VW says it's ready with US$10b diesel accord, but will devise fix later

Washington

VOLKSWAGEN AG will submit its US$10 billion plan this month to fix a half-million emissions-cheating cars or get them off US roads even though it's awaiting regulators' sign-off on how to retrofit the vehicles, a source said.

About US$6.5 billion will go to car owners and US$3.5 billion to the US government and California regulators, said the source. Because the US Environmental Protection Agency and the California Air Resources Board haven't approved VW's proposed fixes, the deal for now includes an option for car owners to request their vehicles be repaired, but there's no timetable for doing so or a guarantee there will be an approved fix, the source said.