Transcript: Volkswagen to Admit Guilt in Emissions Cheating Scandal
Volkswagen said it will admit guilt to settle investigations into the automaker's diesel emissions scandal. Software intended to cheat emissions tests was installed in about 11 million VW cars worldwide. The company will dedicate just under $15 billion to pay for repairs or buy back cars, and to promote zero-emissions vehicles and environmental mitigation. SEE MORE: Volkswagen Will Shell Out Billions Over Its Emissions Cheating Scandal Volkswagen will also pay $4.3 billion in fines. The revelation has led to one employee's arrest.
Another pleaded guilty to charges of fraud. Sales for VW in the U.S. were down in 2016 by 2.6 percent, but sales worldwide rose by 3.8 percent.