VW con­fi­dent may reach deal with US on tech­ni­cal fix: CEO

The Pak Banker - - COMPANIES/BOSS -

NEW YORK: Volk­swa­gen AG is con­fi­dent it may reach an agree­ment with U.S. reg­u­la­tors on a tech­ni­cal fix for diesel cars, ve­hi­cle buy­backs and fines, Chief Ex­ec­u­tive Matthias Mueller said on Mon­day. The U.S. Jus­tice Depart­ment has sued Volk­swa­gen for up to $46 bil­lion for vi­o­lat­ing U.S. en­vi­ron­men­tal laws?. There is still no fix for nearly 600,000 af­fected cars in the United States more than five months af­ter VW's emis­sions test-rig­ging scan­dal broke. "In the U.S. we are work­ing in­tensely with the re­spec­tive au­thor­i­ties ?on a sus­tain­able over­all so­lu­tion," Mueller said at a re­cep­tion on the eve of the Geneva auto show.

"We con­tinue to be in con­struc­tive talks," he said, adding that ne­go­ti­a­tions be­tween both sides will re­sume on Thurs­day. Ear­lier on Mon­day, Mueller told Reuters TV that he did not be­lieve that U.S. au­thor­i­ties were be­ing too hard on the Ger­man car­maker, though they were push­ing "very strongly" steps to clear up the scan­dal. VW is "pro­gress­ing well" in its ef­forts to in­ves­ti­gate the cir­cum­stances of the ma­nip­u­la­tions and will draw "the right con­clu­sions" from its find­ings, due to be pub­lished in the se­cond half of April, the CEO told re­porters.

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