In the largest Clean Air Act settlement in history, Volkswagen will pay $14.7 billion for cheating on emissions standards in the United States. But that huge sum is only a fraction of the monetary hits the company faces.
Since VW admitted to an emissions cheating scandal last year, its market value has tanked. The car company conceded to installing software in 11 million diesel cars that misrepresented how much pollution they emitted. While their advertisements touted clean diesel, in some cases actual pollution reached 40 times the levels permitted by U.S. regulations. And while the settlement in the United States is historic, it included under 500,000 cars. Over eight million cars were affected in Europe, and the company will likely have to pay up there, too.