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VW, Daimler and BMW to upgrade 5 million diesels in rescue pact

from Bloomberg

Volkswagen AG, Daimler AG and BMW AG agreed to upgrade more than 5 million newer diesel cars in Germany and offer trade-in rebates on older models, avoiding more costly remedies in a bid to salvage diesel technology and avoid driving bans in cities. The recalls, hashed out at an emergency summit in Berlin on Aug. 2, will cost about $593 million and largely sticks to commitments that the automakers had already made. The deal allows them to dodge expensive hardware recalls, which would have ballooned costs. Meanwhile, about half the fixes have already been carried out as part of Volkswagen’s response to its cheating scandal. more

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