Volkswagen (VLKAY) will spend $15.3 billion to settle consumer lawsuits and government allegations that it cheated on emissions tests in what lawyers are calling the largest auto-related class-action settlement in U.S. history.
The settlement breaks down into four main parts:
- VW will pay just over $10 billion to either buy back or repair about 475,000 vehicles with cheating 2-liter diesel engines. The company will compensate owners with payments of $5,100 to $10,000, depending on the age of their vehicles.
- The German automaker will also pay governments $2.7 billion for environmental mitigation.
- It will spend another $2 billion for research on zero-emissions vehicles.
- Volkswagen also settled with 44 states, Washington, D.C. and Puerto Rico, which also sued the company, agreeing to pay about $603 million.
The scandal affects as many as 11 million Volkswagen vehicles worldwide. Models affected, according to the Environmental Protection Agency, are identified below:
Affected 2.0 liter diesel models and model years
- Jetta (2009-2015)
- Jetta Sportwagen (2009-2014)
- Beetle (2013-2015)
- Beetle Convertible (2013-2015)
- Audi A3 (2010-2015)
- Golf (2010-2015)
- Golf Sportwagen (2015)
- Passat (2012-2015)
Affected 3.0 liter diesel models and model years
- Volkswagen Touareg (2009-2016)
- Porsche Cayenne (2013-2016)
- Audi A6 Quattro (2014-2016)
- Audi A7 Quattro (2014-2016)
- Audi A8 (2014-2016)
- Audi A8L (2014-2016)
- Audi Q5 (2014-2016)
- Audi Q7 (2009-2016)