Volkswagen Emissions Scandal Update: VW To Buy Back Half A Million Diesel Cars In US, Reports Say

Volkswagen AG will offer to buy back more than 500,000 diesel cars in the United States that used software to cheat on emission tests, according to reports Wednesday. The German automaker will also spend about $1 billion to compensate owners as part of the agreement.

Volkswagen admitted to using sophisticated software to cheat on emission tests for 11 million cars worldwide in September last year.