Ripple effect: Volkswagen's emissions cheating scandal in the US will have wider-ranging consequences than previously expected as South Korea has said it will also investigate the carmaker's diesel models.
WASHINGTON: German automaker Volkswagen AG will pay as much as US$15.3bil (RM61.64bil) after admitting it cheated on US diesel emissions tests for years, agreeing to buy back vehicles from consumers and provide funding that could benefit makers of cleaner technologies.
The largest-ever automotive buyback offer in the United States came in a deal announced on June 28 by the Justice Department, Federal Trade Commission, Environmental Protection Agency and California state regulators. The proposed consent decree confirmed that VW will set aside US$10.033bil (RM40.38bil) to cover buybacks or fixes for diesel cars and sport utility vehicles that used illegal software to defeat government emissions tests.
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