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Business

The deal for U.S. dealers over VW dieselgate

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Business

The deal for U.S. dealers over VW dieselgate

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COMING UP:The deal for U.S. dealers over VW dieselgate

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Transcript

00:00:02
>> Dieselgate handing another big bill to Volkswagen, the German automaker saying Thursday it's struck a deal to compensate it's 650 U.S. dealers for losses suffered over the emissions cheating scandal. Sources telling Reuters the price tag on this one, $1.2 billion. Reuters reporter David Shepardson.>> The dealers are the ones who are gonna have to help repair Volkswagen's brand in the US.
00:00:28
You've got 475,000 owners of these 2 liter vehicles who starting in October are gonna be able to sell back their vehicles to Volkswagen. And you need those dealers to say, hey, why not stick with the brand, why not try another Volkswagen? So you don't wanna be at war with your business partners and people who are key to helping Volkswagen sales long term.
00:00:49
So it's one of the series of steps that I think it shows that Volkswagen is eager to put this entire mess behind it.>> But this isn't the end of Volkswagen's bills. The company, which last year was caught installing cheat software for smog tests in over 11 million diesel vehicles worldwide, already agreed in June to to pay more than $15 billion dollars to buy back 2 liter diesel cars from consumers.
00:01:14
And now a district court judge in San Francisco is pushing for settlement talks over another 85,000 3.0-liter diesel vehicles that could include a buy back offer for Porsches and Audis as well as Volkswagens. On top of all of that, US regulators are still considering fines in a separate settlement that could lead to a third party monitoring compliance at VW.