German car manufacturer Volkswagen (VW) reportedly agreed to settle in the United States by paying $14.7 billion in regard with the emissions scandal involving almost half a million cars distributed in the country. Financial Times reported early on Tuesday the carmaker also accepted to aid and fund zero-emission technology development.
Volkswagen will be obligated to offer to buy back all cars affected by the scandal, causing the company to spend over $10 billion. Customers will be offered either to sell their car back to the company or to receive from $5,100 to $10,000 in compensation, the newspaper stated. Additional $2.7 billion will be allocated to the Environmental Protection Agency over a three-year period, according to unnamed sources. Finally, Volkswagen will allegedly invest another $2 billion in the new emissions technology research and development in the U.S.
The official announcement is expected to be made on Tuesday in California.
Image: EPA / Friso Gentsch
