Volkswagen has reached a deal with the US government. The carmaker will buy back up to half a million diesel cars that use emissions cheating software. That's according to a Reuters report, citing "people briefed in the matter."
German carmaker Volkswagen has announced it will boost investments in the development of electric cars in the next five years. The company has set out to become a global leader in e-mobility and new-energy vehicles.
Net profits tumbled in the third quarter at Volkswagen as the world's biggest carmaker booked higher-than-expected charges related to the emissions cheating scandal in the US. Surprisingly, VW's future looks rosier.
The EU Commission wants carbon dioxide emissions from cars to be reduced by 30 percent by 2030, it announced on Wednesday. Opposition has been strong, not least from the powerful German car industry.
US regulators have approved a fix for emissions systems in 38,000 Volkswagen AG 3.0-liter vehicles. The decision means the German carmaker won't have to buy the vehicles back, potentially saving more than $1 billion.
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