Originally posted by the Voice of America.
Voice of America content is produced by the Voice of America,
a United States federal government-sponsored entity, and is in
the public domain.


Volkswagen Confirms $4.3 Billion US Settlement Over Diesel Emissions

by Reuters

   DETROIT --

   Volkswagen AG confirmed Tuesday it has negotiated a $4.3 billion
   concrete draft settlement with U.S. regulators to resolve its diesel
   emissions issues and plans to plead guilty to criminal misconduct as
   part of the civil and criminal settlement.

   Volkswagen said with the addition of the fine, the automaker's diesel
   costs are now set to exceed the nearly 18.2 billion euros ($19.2
   billion) it has set aside to handle the problem. VW also said it will
   face oversight by an independent monitor over the next three years.

   Reuters reported earlier the company's supervisory board is set to meet
   on Wednesday to approve a civil and criminal settlement with the U.S.
   Justice Department over the automaker's diesel emissions scandal. VW
   said the supervisory board and the management board would meet Tuesday
   or possibly Wednesday to approve the deal.

   VW is expected to plead guilty as part of the settlement as early as
   Wednesday, a source familiar with matter said.

   The company declined to comment.

   VW admitted in September 2015 to installing secret software in hundreds
   of thousands of U.S. diesel cars to cheat exhaust emissions tests and
   make them appear cleaner than they were on the road, and that as many
   as 11 million vehicles could have similar software installed worldwide.

   On Monday, a VW executive, the second VW employee charged by U.S.
   prosecutors, was accused of conspiracy to defraud the United States
   over the company's emissions cheating and the automaker was charged
   with concealing the cheating from regulators.

   Volkswagen had previously agreed to spend up to $17.5 billion in the
   United States to resolve claims by U.S. regulators, owners and dealers
   and offered to buy back nearly 500,000 polluting vehicles.

   Much of the company's senior management departed following the scandal,
   including chief executive Martin Winterkorn.

   VW Group said on Tuesday it had record sales in 2016 of 10.3 million
   vehicles, including a 12 percent increase in December. That figure
   should put VW ahead of Japanese rival Toyota Motor Co as the world's
   largest car producer by volume for the year.