volkswagen-passat-cc-03By now many of you guys have probably heard about the diesel emissions scandal that Volkswagen has found themselves in. There is no doubt this will hurt the company financially, but it is also expected to have an impact on them in terms of trust, reputation, and so on. The company is also expected to pony up $14.7 billion as part of their settlement.

Part of that $14.7 billion includes plans to buyback diesel-powered vehicles from customers, with $10.033 billion being set aside from that amount for this purpose, with the remaining $4.7 billion going towards programs to help offset any excess emissions and to boost other clean vehicle projects. Volkswagen is also expected to start buying back some 475,000 diesel vehicles from customers starting around the middle of November.

However the company should not expect that $14.7 billion will be all that they will have to pay. Apart from the agreed settlement, Volkswagen is also expected to fork out another $1.8 billion in legal fees that they have accrued so far, and there is also the issue of the various lawsuits that they have been hit one, one of which is taking place in Germany where they are being sued for $9.1 billion, and not to mention the ones in the US as well.

Filed in Transportation. Read more about Volkswagen.

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