Volkswagen AG has agreed to pay at least $1.26 billion to fix or buy back nearly 80,000 polluting vehicles - and could be forced to pay up to $4.04 billion more, But, as Laura Frykberg reports, the emissions scandal hasn't stopped them overtaking Toyota as the world's top auto maker.
For owners of Volkswagen diesel vehicles in the U.S. Compensation could finally be coming. The German carmaker has offered to fix or buy back tens of thousands of them. At a price of anywhere from about 1.2 to over 4 billion dollars. (SOUNDBITE) (English) WILSON KING INVESTMENT MANAGEMENT, HEAD OF RESEARCH, RICHARD HUNTER, SAYING: "Certainly in terms of the amount of the fine this is a fairly small number that we have heard about today." In total - the U.S. bill for dieselgate could be up to 25 billion. That includes fines to owners, regulators, entire states and dealers. Such scandals might ordinarily exhaust a company's reputation. Not so for Volkswagen - in 2016 it sold more vehicles than any of its rivals. (SOUNDBITE) (English) WILSON KING INVESTMENT MANAGEMENT, HEAD OF RESEARCH, RICHARD HUNTER, SAYING: "Despite all the difficulties, it's regained its spot as the top automaker, again driven by a particular demand in China." But then there's Europe. Lawsuits in Germany - one of which is a criminal case against former CEO Martin Winterkorn - are gaining momentum . VW may have made record sales last year but its legal bill is accelerating too.