WASHINGTON, D.C. — Volkswagen has agreed to pay $1.2 billion to buyers of vehicles powered by its emissions-violating 3.0L V-6 diesel engine as part of a settlement that still requires approval from the U.S. Federal Trade Commission and a federal judge.
Volkswagen could end up paying as much as $4 billion. That depends on whether Volkswagen will need to buy back approximately 78,000 vehicles powered by the engines, according to the commission. The company has been given the option to repair them. Owners of the affected vehicles are set to receive $26,000 to $58,000 per vehicle depending on the model, mileage, and trim.
The move would resolve class-action lawsuits against the company.
In December, Volkswagen reached a settlement with regulators on the 3.0L engines that would require the automaker to pay $225 million toward emissions reduction and $25 million to support the use of zero emission vehicles (ZEVs) in California.
Vehicles covered by the 3.0L settlement include 2009 to 2016 model-year Touareg, 2009- to 2015-MY Audi Q7 and 2013- to 2016-MY Porsche Cayenne Diesel. Other models include 2014-MY, 2015-MY, and 2016-MY Audi models including the A6, A7, A8, A8L, and Q5.
Originally posted on F&I and Showroom