Reuters reports that VW is about to tell the federal judge in San Francisco in charge of its case that it will offer to buy back nearly half a million of its diesel vehicles from owners who were deceived about the cars’ emission standards and performance when the company engineered its cars so that they would act daemonically, performing differently based on whether they were being tested or not.
The settlement will include a little vig over market value to compensate owners for the fact that their cars are now synonymous with everything bad in the twenty first century.
That would include versions of the Jetta sedan, the Golf compact and the Audi A3 sold since 2009. The buyback offer does not apply to the bigger, 80,000 3.0-liter diesel vehicles also found to have exceeded U.S. pollution limits, including Audi and Porsche SUV models, the people said.
U.S.-listed shares of Volkswagen rose nearly 6 percent to $30.95 following the news.
Exclusive: VW to offer to buy back nearly 500,000 U.S. diesel cars – sources [David Shepardson/Reuters]
(Image: Dieselgate: VW or Bosch?, Mike Licht, CC-BY)