New reports suggest that Volkswagen might pay between $1,000 and $7,000, and in some cases up to $10,000 to owners of cars that are part of the diesel emissions scandal. The payouts are going to depend on a number of factors but the reports seem convinced that in some cases this number will go as high a $10,000. June 28th has been selected as the deadline for the settlement decision.
It was revealed a few months ago that Volkswagen is going to compensate owners of cars that are affected by its diesel emissions scandal, however, it wasn’t known at that point in time how much the individual payouts were going to be.
The Wall Street Journal and Bloomberg report that payouts can go up to $10,000 and that they are going to depend on factors like the age of each car. Given that some 500,000 vehicles are affected by this, the payouts are expected to cost Volkswagen over $6.5 billion.
The financial pain doesn’t end there for Volkswagen, though. Aside from having to pay customers, the company will also have to pay some $3.5 billion to the U.S. government and regulators in California, meaning that it’s on the hook for more than $10 billion.
Volkswagen has already shuffled its top management, CEO of Volkswagen and Volkswagen USA have both been replaced, and the company has demonstrated a shift towards electric cars in order to salvage its reputation.
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