“At the same time that Volkswagen was deceiving U.S. investors and regulators with its rigged emissions systems, it was raising billions of dollars from investors,” a lawyer says.
But the precise number of models to be discontinued has yet to be decided, a Volkswagen spokesman said.
The German automaker, still reeling under the effects of last year’s massive emissions scandal, reported lower-than-expected earnings.
The German automaker joins others from the industry, such as General Motors and Toyota, which have invested in app-based ride-hailing services.
Still facing fallout over its emissions cheating fraud, the German auto giant says it negotiated a deal with a major labor union.
The $850 billion oil fund is expected to join class-action lawsuits filed against Volkswagen in German courts.
The U.S. automaker has turned around its European operation, and demand for its trucks is offsetting weakness in South America.
The German automaker displaced Toyota from the top spot in the first quarter of 2016 despite the emissions scandal that broke in September.
The carmaker also plans to invest $4.49 billion with its joint venture partners in China — the world’s biggest auto market — this year.
The German automaker was approached by U.S. regulators last week, following a class-action lawsuit filed against the company in February.
The German automaker has reached a deal in principle that is expected to include a buyback offer for 482,000 vehicles.
The German automaker will also spend about $1 billion to compensate owners as part of the agreement reached ahead of the April 21 deadline, reports said.
Under a settlement, the German automaker has agreed to pay $5,000 to U.S. car buyers affected by its emissions scandal.
Volkswagen has until Thursday to deliver its plan to fix more than a half-million U.S. diesel vehicles.
A Volkswagen spokesman said current promotions in Germany were around the same level as competitors'.
Until now, 11 people have been killed around the world, 10 of whom were in the U.S., in incidents linked to defective Takata air bag inflators.
Volkswagen has been effectively shut out of the unsecured bond market since September, when it admitted to rigging U.S. diesel emissions tests.
Bonuses for senior managers have become a flashpoint in an escalating dispute with powerful labor leaders at Europe’s biggest carmaker as it prepares to finalize a new strategy.
The lawsuit, filed in Illinois Wednesday, seeks to become class action, representing all Volkswagen franchise dealers in the U.S.
The Japanese company's shares had plunged 20 percent Wednesday after a Bloomberg report said air bag recalls could cost Takata $24 billion.
The suit, filed by the Federal Trade Commission on Tuesday, alleges the German automaker engaged in false advertising by saying its diesel vehicles were environmentally friendly.
By fraudulently promoting diesel vehicles, the German automaker violated Kentucky’s Consumer Protection Act, the state's attorney general said Tuesday.