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Showing results for tags 'Compensation Program'.
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Volkswagen is getting ready to start the $10 billion compensation program for owners of the 2.0L TDI engine in the U.S. But some folks want the German automaker to do something similar for TDI owners in Europe. "Volkswagen should voluntarily pay European car owners compensation that is comparable with that which they will pay U.S. consumers," said EU Industry Commissioner Elzbieta Bienkowska last week. In a interview with German newspaper Welt am Sonntag over the weekend, Volkswagen CEO Matthias Müller said that isn't going to happen. "But we have just a different situation," said Müller. "In the U.S. the (emission) limits are stricter, which makes the fix more complicated. And taking part in the buyback is voluntary (for customers), which is not the case in Germany, for example." The U.S.' regulations concerning emissions are some of strictest in the world, with automakers having to meet specific limits on how much pollutants come out of a tailpipe. This is why all diesel vehicles sold in the U.S. have some sort of after treatment system to help cut down on the amount of NOx emissions. In Europe, the regulations are bit more lax. This is why Volkswagen was able to fix a number of vehicles by reprogramming the engine computer and swapping some parts. For the U.S., the fix would have be more extensive with a number of parts being replaced or added, which means added cost. Source: Welt am Sonntag, Reuters -
Volkswagen is getting ready to start the $10 billion compensation program for owners of the 2.0L TDI engine in the U.S. But some folks want the German automaker to do something similar for TDI owners in Europe. "Volkswagen should voluntarily pay European car owners compensation that is comparable with that which they will pay U.S. consumers," said EU Industry Commissioner Elzbieta Bienkowska last week. In a interview with German newspaper Welt am Sonntag over the weekend, Volkswagen CEO Matthias Müller said that isn't going to happen. "But we have just a different situation," said Müller. "In the U.S. the (emission) limits are stricter, which makes the fix more complicated. And taking part in the buyback is voluntary (for customers), which is not the case in Germany, for example." The U.S.' regulations concerning emissions are some of strictest in the world, with automakers having to meet specific limits on how much pollutants come out of a tailpipe. This is why all diesel vehicles sold in the U.S. have some sort of after treatment system to help cut down on the amount of NOx emissions. In Europe, the regulations are bit more lax. This is why Volkswagen was able to fix a number of vehicles by reprogramming the engine computer and swapping some parts. For the U.S., the fix would have be more extensive with a number of parts being replaced or added, which means added cost. Source: Welt am Sonntag, Reuters View full article
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Kenneth Feinberg is still hard at work on developing a compensation plan for TDI owners in the U.S. affected by the diesel emission scandal. But in an interview with German newspaper Frankfurter Allgemeine Sonntagszeitung, Feinberg says "there will be a generous solution." Now what that solution will end up being is unknown at this time. Part of the problem is Feinberg has his hands tied as Volkswagen and the EPA/CARB are still working on trying to figure out a fix for the 2.0L TDI engine. "..my hands are tied, while VW and the authorities do not resolve their differences. The original time frame could be delayed, therefore." The other problem is trying to figure out what an appropriate compensation will look like. “The jury is still out, and at the moment all options are up for debate: cash payments, buybacks, repairs, replacements with new cars,” said Feinberg. Not helping matters are the different generations of the engine in question - the EA189. One generation of the engine might have a different program than the other. Feinberg believes that once the compensation program comes online, most owners will take advantage of it. "When funds for the victims of September 11, 97 percent of claimants have accepted my offer. If GM and BP were also more than 90 percent. This must also be the target for VW." Source: Frankfurter Allgemeine Sonntagszeitung, Reuters -
Kenneth Feinberg is still hard at work on developing a compensation plan for TDI owners in the U.S. affected by the diesel emission scandal. But in an interview with German newspaper Frankfurter Allgemeine Sonntagszeitung, Feinberg says "there will be a generous solution." Now what that solution will end up being is unknown at this time. Part of the problem is Feinberg has his hands tied as Volkswagen and the EPA/CARB are still working on trying to figure out a fix for the 2.0L TDI engine. "..my hands are tied, while VW and the authorities do not resolve their differences. The original time frame could be delayed, therefore." The other problem is trying to figure out what an appropriate compensation will look like. “The jury is still out, and at the moment all options are up for debate: cash payments, buybacks, repairs, replacements with new cars,” said Feinberg. Not helping matters are the different generations of the engine in question - the EA189. One generation of the engine might have a different program than the other. Feinberg believes that once the compensation program comes online, most owners will take advantage of it. "When funds for the victims of September 11, 97 percent of claimants have accepted my offer. If GM and BP were also more than 90 percent. This must also be the target for VW." Source: Frankfurter Allgemeine Sonntagszeitung, Reuters View full article
