On Monday, the Environmental Protection Agency announced it had approved a fix for the remaining 38,000 Volkswagen Group vehicles equipped with emissions-cheating 3.0-liter diesel engines. That’s potentially very good news for Volkswagen, as it’s a decision that could save the company a truckload of cash.

In May, VW agreed to spend over $1.22 billion to repair or buy back nearly 80,000 vehicles with 3.0-liter engines as part of its “dieselgate” settlement. The manufacturer was also obliged to pay owners of fixed units between $8,500 and $17,000. However, there was an additional fine of $4.04 billion if the EPA and California Air Resources Board were unwilling to approve repairs on all 3.0-liter vehicles.

With a fix now in place for 38,000 Porsche Cayenne, Volkswagen Touareg, and Audi Q7 SUVs, the company may have just saved itself a over a billion dollars.  (Read More…)