A federal judge in Detroit on Friday sentenced Volkswagen AG to three years' probation and independent oversight for the German automaker's diesel emissions scandal as part of a $4.3 billion settlement announced in January.
Volkswagen AG pleaded guilty on Friday to three felony counts as part of a $4.3 billion plea agreement reached with the Justice Department in January over the automaker's massive diesel emissions scandal.
A U.S. federal judge on Tuesday approved Volkswagen AG's record-setting $14.7 billion settlement with regulators and owners of 475,000 polluting diesel vehicles, and the German automaker said it would begin buying back the vehicles in mid-November.
German economic growth will nearly halve in 2017 as Brexit and other risks hit exporters, the DIW institute said on Thursday, although it predicted a pick up to 1.9 percent this year due to strong domestic demand.
Volkswagen's emissions test cheating scandal could cost it much more than the $18 billion earmarked so far and it might have to sell assets to foot the bill, the German carmaker said on Thursday.
Volkswagen has agreed the terms of a 20 billion euro ($21 billion) bridging loan with banks to help shoulder the costs of its emissions scandal, three people familiar with the matter told Reuters on Wednesday.
A 15-year high for tech stocks on the Nasdaq helped world shares to a 2-1/2 month peak on Tuesday, though more engine trouble for Volkswagen and a $5.1 billion cash call by Standard Chartered left Europe feeling flat.
Volkswagen used devices to cheat air pollution tests in diesel luxury vehicles in model years 2014 through 2016, U.S. and California environmental regulators said on Monday, widening their investigation into the carmaker's emissions scandal.
Germany ordered Volkswagen on Thursday to recall and refit 2.4 million diesel vehicles next year, following the company's admission it rigged emissions tests.
