On Monday, the Environmental Protection Agency announced it had approved a fix for the remaining 38,000 Volkswagen Group vehicles equipped with emissions-cheating 3.0-liter diesel engines. That’s potentially very good news for Volkswagen, as it’s a decision that could save the companyÂ a truckload of cash.
In May,Â VW agreed to spendÂ over $1.22 billion to repair or buy back nearly 80,000 vehicles with 3.0-liter engines as part of its “dieselgate” settlement. The manufacturer was also obliged to pay owners ofÂ fixed units between $8,500 and $17,000. However, there was an additional fine of $4.04 billion if theÂ EPA and California Air Resources BoardÂ were unwilling to approve repairsÂ on all 3.0-liter vehicles.
With a fix now in place for 38,000Â Porsche Cayenne, Volkswagen Touareg, and Audi Q7 SUVs, the company may have just saved itself a over a billion dollars.Â
According to Reuters, which broke the news even before the EPA,Â VolkswagenÂ has stated it is pleased with the approval andÂ will continue working with regulators to develop fixes forÂ remaining vehicles â€œas quickly as possible.â€�
All in, Volkswagen Group has acquiesced to spend up to $25 billion in the United StatesÂ toÂ manageÂ claims from owners, states, dealers, and regulatory fines resulting from its diesel emissions scandal.
The Porsche and Volkswagen vehicles involved in this fix were built from the 2013 to 2015 model years. Affected Audi vehicles were produced from 2013-2016.