Volkswagen Diesel Bill Hits $30 Billion

Volkswagen takes on another charge of $3 billion to fixing their diesel engines in America which totals up their bill to $30 billion for the emissions test cheating scandal. The money will be put towards plans to buy back or fix 500,000 tainted U.S. diesel cars after the company reached a settlement with U.S. authorities totaling to more than 5,000 euros per vehicle.

The diesel cars in the U.S. affected by scandal only represent a small part of the 11 million rigged cars globally. Volkswagen is required to update the emissions software as well as make changes to engine hardware. The company has been facing a shift in automotive technology and is planning to invest about 20 billion euros by 2030 to develop electric vehicles and another 50 billion euros to purchase the batteries needed to power the cars.

Following the scandal, many consumers have turned away from diesel technology due to concerns about pollution and driving bans. The company has then faced many problems since they rely heavily on diesel cars to boost profit and lower carbon dioxide emissions to reach targets.

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