Volkswagen’s German emissions gate class-action settlement is almost complete, paying $6 billion in settlement

To say what VW regrets most in recent years, it must have been cheating on diesel emissions. At present, Volkswagen’s handling costs in the emissions door have exceeded 200 billion yuan. However, this number will continue to increase. German carmaker Volkswagen recently announced that the settlement of its “dieselgate” class-action lawsuit in Germany has been completed, more than 240,000 lawsuits have been closed and VW has paid more than 750 million euros (about 5.96 billion yuan) in settlements,media reported.

The move also means that VW’s emissions-gate incident in Germany has been largely dealt with. Meanwhile, VW said the online platform, which allows German customers to file claims, will close on July 6 after the settlement is paid. Thousands of prosecutions are still being evaluated and processed.

Earlier, VW’s emissions gate filings showed that the company had reached an agreement with more than 90 percent of the plaintiffs in Germany who were entitled to a claim. Depending on the model and age, each customer in the lawsuit will receive compensation ranging from 1,350 euros to 6,257 euros.

Despite its big fortunes, VW faces tens of thousands of settlements and fines that are hard to come by. At the same time, the current pressure on Volkswagen Is Equally Great, in addition to the adverse effects of this year’s outbreak.

It is worth mentioning that, unlike the sluggish overseas auto market, the Chinese market has now returned to its previous level. Volkswagen Group’s sales and earnings performance in China is also improving. Thanks to the continued improvement of the Chinese market, the pressure on the Volkswagen Group has also been greatly reduced.

In addition, data show that The company’s operating profit from its Chinese joint venture in fiscal 2019 remained at a level of 4.4 billion euros ($35 billion), while China remains the group’s largest single market.

Volkswagen's German emissions gate class-action settlement is almost complete, paying $6 billion in settlement