VW Emissions Scandal Costs Climb Upwards of $40bn
The Volkswagen emissions scandal could cost the automaker as much as 35 billion euros ($40 billion) to cover vehicle refits, regulatory fines and lawsuits, according to some analysts.
VW’s costs continue to climb as Germany last week ordered Volkswagen to recall and refit 2.4 million diesel vehicles next year, Reuters reports.
On Sunday, police in France searched VW’s French offices, as part of a preliminary inquiry into suspected “aggravated deception” by Volkswagen, the New York Times reports.
Volkswagen has admitted as many as 11 million vehicles worldwide could contain the software used to cheat vehicle emissions tests.
With more than 200 lawsuits filed against VW in the past few weeks, the automaker may be forced to buy back the cars altogether, the Associated Press reports, citing legal experts.
Seattle lawyer Steve Berman tells the AP he is seeking full restitution for owners of about 70,000 affected cars in California. Berman cites California laws that require automakers to guarantee emissions control parts for up to seven years or 70,000 miles.
His lawsuit says that VW can’t make its diesels comply with the warranty in a timely manner, so the law requires VW to “either promptly replace the new motor vehicle or promptly make restitution to the buyer.”
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