settlement announced 28-Jun-2016 for the owners of some 475,000 impacted U.S. cars on account of European automotive giant Volkswagen's deliberate manipulation of diesel emission testing revealed last fall.
largest payout in the history of corporate environmental misdeeds behind BP's $20 billion Gulf Oil Spill payout finalized last year.
+ impacted vehicles worldwide that are not included in the payouts.
settlement in which Volkswagen will pay the Environmental Protection Agency to compensate for previously unknown contributions to climate change.
the company committed to investing in new clean car development. based on a recommendation from environmental advocacy groups including the Sierra Club.
all-electric models,Volkswagen CEO Matthias Muelle said, the company is now aiming to launch by 2025 as part of a plan to sell 2-3 million EVs per year by that date. Those figures, if realized, would account for 20-25 percent of the company's 10 million annual car sales.