Drive Wire for June 28, 2016: Volkswagen Announces $14.7B Dieselgate Settlement
Affected customers are about to get paid.
On today's edition of Drive Wire: Volkswagen announces their long-awaited settlement with the EPA over "Dieselgate," so named when the automotive giant was discovered, in September, to have installed "cheat" technology in its diesel vehicles to bump up fuel-economy test numbers. A generous $10B will be allotted to customers affected by the deception—meaning a $5,000 cash payout, or a trade-in valued at up to $44,000—while $2.7B will be earmarked for an EPA fund aimed at reducing nitrogen oxide emissions. For more details on the settlement, check out today's Drive Wire with The Drive editor Mike Guy.