The German company has invested Rs 720 crore to make the sub-4 meter car
This marks company's entry into compact sedan segment
The automaker reportedly was "on track to meet the court deadline" of June 21 for a deal with the govt and car owners who sued them for billions of dollars
The news came amid growing signs a regulatory clampdown in the wake of VW's cheating is affecting the broader industry.
But the money could be paid out three years later in 2018
Company in September admitted cheating on emissions tests for 11 million vehicles worldwide since 2009
As part of the settlement with US authorities, the carmaker has also agreed to a compensation fund for owners
The costs of the scandal are still incalculable but are expected to run into many billions of euros (dollars) as a result of fines and lawsuits
As the carmaker struggles with its emissions scandal.
VW and US regulators have been set an April 21 deadline by a federal judge to agree a fix for nearly 600,000 cars affected in US
Volkswagen Chief Executive Matthias Mueller will push for a significant reduction in bonuses for the carmaker's management board on Monday, sources familiar with the matter told Reuters.The proposal being put forward at a supervisory board steering committee meeting follows criticism from one of Volkswagen's major shareholders, the state of Lower Saxony, about intentions to pay bonuses to top managers while the company grapples with the diesel emissions crisis and prepares to cut costs elsewhere.Bonuses for senior managers have become a flashpoint in an escalating dispute with powerful labour leaders at Europe's biggest carmaker as it prepares to finalise a new strategy.Separately, Germany's Bild am Sonntag newspaper said in an unsourced report that Mueller would ask board members to accept a voluntary bonus reduction of about 30 per cent.Volkswagen declined to comment.On Friday sources familiar with the matter told Reuters that the steering committee would use Monday's meeting to disc
A federal judge in San Francisco gave the carmaker till April 21 to come up with a solution for diesel vehicles sold in the US that were fitted with cheating software
At Wolfsburg, workers fear for their jobs, municipal finances take a hit on Volkswagen's fortunes
Volkswagen remains mired in scandal over its rigging of US exhaust emissions tests, facing a barrage of lawsuits and grappling with a stalled German vehicle recall
The brand chief and a head of procurement were told in August 2015 that the firm could face penalties of more than $20 bn for the use of illegal software, Der Spiegel reported
VW expects to post a new record operating result in 2016, after delivering an operating result of 1.9 billion euros in 2015
Move part of global plan to bring on par all EA189 diesel engines; company lines up three launches in 2016
Michael Horn, the company's US CEO, was not on the teams negotiating with US regulators
He is to be replaced on an interim basis by Hinrich Woebcken, the North American regional chief and chairman of Volkswagen Group of America
Michael Horn, president and CEO of Volkswagen Group of America has quit to 'pursue other opportunities effective immediately'