Volkswagen said on Monday it had agreed to pay up to A$127 million ($87.3 million) to settle lawsuits brought on behalf of thousands of Australian customers caught up in its global diesel emissions cheating scandal.
Volkswagen will create joint ventures and help finance battery production to persuade skeptical cell suppliers to back its aggressive push for mass producing electric vehicles, board member Stefan Sommer told Reuters.
Volkswagen and FiatChrysler could face penalties of up to 1.83 billion euros ($2.08 billion) and 746 million euros respectively, if they fail to meet the European Union’s emissions targets set for 2021, according to AlixPartners.
Volkswagen ended its partnership with self-driving car software firm Aurora, two days after the Silicon Valley startup said it would build autonomous platforms for commercial vehicles with Fiat Chrysler Automobiles.
German auto giant Volkswagen will begin rolling out its last generation of combustion engine cars in 2026, in its latest green pledge as it looks to turn the corner on the "dieselgate" emissions cheating scandal.
Volkswagen said it would stop producing its Beetle compact car in 2019, ending a model that looked backward to the 1960s counterculture as the automaker prepares for a leap toward a future of mass-market electric cars.
A judge on Friday ordered Volkswagen to pay a $2.8 billion criminal penalty in the United States for cheating on diesel emissions tests, blessing a deal negotiated by the government for a "massive fraud" orchestrated by the German automaker.
Volkswagen AG, in another step to move past its costly diesel emissions cheating scandal, has agreed to pay $175 million to US lawyers suing the German automaker on behalf of the owners of 475,000 polluting vehicles, two people briefed on the agreement said.