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    • By William Maley
      While Volkswagen and the U.S. Government are finishing negotiating the final agreement over the diesel emission scandal, some interesting bits of the agreement have leaked out.
       
      The Associated Press and Bloomberg have learned from sources that Volkswagen will pay $10.2 billion as part of a settlement over the scandal. As part of the settlement, Volkswagen will compensate owners of affected TDI models between $1,000 to $7,000. The payment amount will vary on a number of factors such as the age of the vehicle. Volkswagen will also offer owners the choice having their vehicles fixed for free or buying them back at the value before the scandal came to light (September 18, 2015).
       
      One item still up in the air is whether or not Volkswagen will be able to fix all of the TDI models to the EPA's satisfaction. A source tells the AP, "any fix likely would require a bigger catalytic converter or injection of the chemical urea into the exhaust to help neutralize the pollution."
       
      Along with the owner compensation, Volkswagen will use the $10.2 billion to pay various penalties and setting up a fund to clean up air pollution.
       
      The sources do stress that the terms of the settlement could change before being presented to U.S. District Judge Charles Breyer next Tuesday. Also, this settlement is for the 2.0L TDI engine. The 3.0L TDI V6 is being dealt with separately.
       
      Source: Bloomberg, Associated Press
    • By William Maley
      Tetsuro Aikawa, Mitsubishi Motors' president and COO will be stepping down from the company next month. In a statement released by the company, Aikawa will resign on June 24th, the same date of Mitsubishi's annual shareholders meeting.
       
      Ryugo Nakao, the executive vice president for quality and product strategy will also be stepping down at the same time.
       
      Automotive News reports that Akiawa stepped down for two key reasons. The first was that he was the director of the r&d division that inflated the fuel economy test figures. The second is to give a clean slate for the new development chief, that will likely be installed by Nissan as part of the two companies' new alliance.
       
      “For causing trouble and worry first and foremost to our customers and to all involved, I take responsibility,” said Akiawa.
       
      During a press conference today, CEO Osamu Masuko said he would handle the duties of both people for the time being until replacements are found.
       
      Source: Automotive News (Subscription Required), Mitsubishi Motors
       
      Press Release is on Page 2


       

      Personnel Changes (Resignation) of Members of the Board
       
      Tokyo, May 18, 2016 - Mitsubishi Motors Corporation (MMC) announced resignation of members of the board as follows:
       
      1. Member of the Board who will resign
      Tetsuro Aikawa President and COO, Representative Director
      Ryugo Nakao Executive Vice President, Representative Director
       
      2. Reason for resignations
      As our announcement today on the Report to the Ministry of Land, Infrastructure, Transport and Tourism concerning improper conduct in fuel consumption testing of vehicles manufactured by MMC shows, MMC has caused tremendous trouble and concern to our customers and all of our stakeholders. Considering this, Mr. Aikawa and Mr. Nakao decided today that they will resign as Representative Directors as of June 24, 2016.
       
      3. Date of resignation
      June 24 (the day of MMC's ordinary shareholders meeting)
       
      We will decide on the successors of both Representative Directors at our board of directors' meeting and make an announcement promptly
    • By William Maley
      It seemed like it would never happen. But today in a federal courtroom in Calfornia, Volkswagen and the U.S. Justice Department announced they have reached an agreement over the 570,000 2.0L diesel vehicles equipped with illegal software that cheated EPA emission tests.
       
      The preliminary "agreement in principle" states the Volkswagen will give owners the option of selling their affected TDI vehicles back to VW or have the vehicle modified to meet U.S. emission standards. Those who are leasing a TDI model can cancel their lease agreement.
       
      The agreement also includes two different compensation funds. The first will be for owners that will give them a substantial amount of compensation - the amount is currently unknown. The second will be for “appropriate remediation efforts” against the excess NOx emissions the affected Volkswagen diesel models emitted. Volkswagen will also be required to promote "green automotive technology."
       
      One other detail revealed in the hearing is that Volkswagen will be settling all of the class-action lawsuits against it in the coming weeks.
       
      "Volkswagen is committed to winning back the trust of its customers, its dealers, its regulators and all of America," said VW lawyer Robert Giuffra.
       
      The agreements are "an important step forward on the road to making things right," added Giuffra.
       
      The agreement must be finalized by June 21st. A court hearing will follow on July 26th discussing the full details. In the meantime, U.S. District Judge Charles Breyer has issued a gag order on the discussion of the agreement.
       
      As the for the Volkswagen, Audi, and Porsche models equipped with the 3.0L TDI V6, negotiations between Volkswagen and Justice Department are continuing.
       
      This agreement is the beginning for Volkswagen to begin closing this dark and devasting chapter. There are still fines that need to levy against the German automaker, along with various investigations that need to be finished up. But it seems the madness is starting to come to an end.
       
      Source: Automotive News (Subscription Required) Bloomberg, Reuters, Volkswagen
       
      Press Release is on Page 2


       
      Volkswagen has reached an agreement in principle with the US authorities
       
      In connection with the diesel issue, Volkswagen AG confirms that an agreement in principle with the Department of Justice (Environmental Division), the Environment Protection Agency (EPA), and the California Air Resources Board (CARB), with the full involvement of the Federal Trade Commission (FTC), has been reached in the United States. This agreement in principle will be incorporated into binding consent decrees by the Department of Justice and the FTC in the coming weeks.
       
      Furthermore, Volkswagen has reached an agreement on the basic features of a settlement with the class action plaintiffs in the lawsuit in San Francisco. This agreement will be incorporated into a comprehensive settlement in the coming weeks.
       
      The judge presiding over today's court hearing in San Francisco, Charles R. Breyer, expressly welcomed this development.
       
      The arrangements in the making in the United States will have no legal bearing on proceedings outside of the United States.
       
      Ongoing investigations by the Department of Justice, Criminal Division, and the State Attorneys General are not prejudiced by these agreements in principle.
    • By William Maley
      It seemed like it would never happen. But today in a federal courtroom in Calfornia, Volkswagen and the U.S. Justice Department announced they have reached an agreement over the 570,000 2.0L diesel vehicles equipped with illegal software that cheated EPA emission tests.
       
      The preliminary "agreement in principle" states the Volkswagen will give owners the option of selling their affected TDI vehicles back to VW or have the vehicle modified to meet U.S. emission standards. Those who are leasing a TDI model can cancel their lease agreement.
       
      The agreement also includes two different compensation funds. The first will be for owners that will give them a substantial amount of compensation - the amount is currently unknown. The second will be for “appropriate remediation efforts” against the excess NOx emissions the affected Volkswagen diesel models emitted. Volkswagen will also be required to promote "green automotive technology."
       
      One other detail revealed in the hearing is that Volkswagen will be settling all of the class-action lawsuits against it in the coming weeks.
       
      "Volkswagen is committed to winning back the trust of its customers, its dealers, its regulators and all of America," said VW lawyer Robert Giuffra.
       
      The agreements are "an important step forward on the road to making things right," added Giuffra.
       
      The agreement must be finalized by June 21st. A court hearing will follow on July 26th discussing the full details. In the meantime, U.S. District Judge Charles Breyer has issued a gag order on the discussion of the agreement.
       
      As the for the Volkswagen, Audi, and Porsche models equipped with the 3.0L TDI V6, negotiations between Volkswagen and Justice Department are continuing.
       
      This agreement is the beginning for Volkswagen to begin closing this dark and devasting chapter. There are still fines that need to levy against the German automaker, along with various investigations that need to be finished up. But it seems the madness is starting to come to an end.
       
      Source: Automotive News (Subscription Required) Bloomberg, Reuters, Volkswagen
       
      Press Release is on Page 2



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    • By William Maley
      Finally, some good news in terms of the Volkswagen diesel scandal. According to German newspaper Die Welt, Volkswagen has reached a deal with U.S. authorities over its cheating of EPA emission tests. Not much is known about the deal, but sources tell Die Welt that key part of the deal will see Volkswagen paying owners in the U.S. $5,000 in compensation.
       
      This deal will be presented tomorrow to U.S. District Judge Charles Breyer at a hearing. We'll likely learn more about the agreement and what else it entails.
       
      UPDATE: Reuters has learned from their sources that Volkswagen has agreed to buy back up to 500,000 2.0L diesel vehicles in the U.S. Volkswagen may also offer to repair the affected vehicles down the road if given the go-ahead by regulators.
       
      Stay tuned.
       
      Source: Die Welt, Reuters, (2)
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