10/18/2018, 9:59 AM (Source: TeleTrader)
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VW to pay premiums for obsolete diesel cars

Amid the German government's push to root out diesel technology up to grade Euro 5, Volkswagen AG said on Thursday that it would take in Euro 1 to Euro 4 units from its range in exchange for "environmental incentives." Owners of units with the highest of the four levels and Euro 5 from the 14 most polluted cities are eligible for exchange premiums on top of the value of the scrapped car, it added.

The automotive giant, which includes Audi, Seat, Skoda and VW commercial vehicles, stressed its commitment to "unrestricted individual mobility." Incentives and premiums vary according to model. They are available for both new vehicles and on a varying scale for nearly new ones, according to the update.

"Volkswagen’s first environmental incentive from August 2017 to June 2018 successfully demonstrated that systematic fleet renewal is a swift and efficient way of improving air quality. Throughout the group, over 210,000 old diesel vehicles were taken off the roads, scrapped and replaced by modern, cleaner models," it said in the statement.

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