Volkswagen emissions-cheating scandal costs hit $15bn

Volkswagen has agreed to spend $14.7bn (€13.3bn) to get hundreds of thousands of emissions-cheating diesel vehicles off US roads and placate regulators.

The settlements — around $5bn more than estimated — set a US motor industry record but still leave VW facing criminal and civil complaints on three continents.

Under the agreement, announced yesterday, which still requires a judge’s approval, car owners will have the choice of having Volkswagen buy back their vehicles or install whatever pollution-control retrofit is eventually accepted by regulators.