Volkswagen has agreed to a $14.7bn US package affecting nearly half a million rigged cars and to help fund zero-emissions technology in the country, according to two people familiar with the matter.
The agreement, to be officially announced on Tuesday morning in California, is in three parts. The overall aim is to deal with 475,000 two-litre diesel engine cars equipped with software to cheat official emissions tests. A solution on 85,000 three-litre cars in the US that also pollute beyond accepted standards is yet to be found.
First, Volkswagen will spend $10.033bn to buy back or fix the rigged cars, in the largest auto-related consumer class settlement in history, said a person familiar with the details.
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