The U.S. subsidiary of the car company is facing backlash for a prank-gone-wrong where it announced it was changing its name to “Voltswagen” in a gimmick to promote its new electric car.

The company is retiring its iconic car after eight decades.

The automaker in 2015 admitted it had installed software designed to cheat U.S. emissions standards in around half a million diesel cars.

The company will also plead guilty to three felonies.

Company management is set to approve the deal today or tomorrow, VW said.

Volkswagen has unveiled a driverless concept car version of its microbus at the Detroit Auto Show.

Oliver Schmidt allegedly concealed a "defeat device" from the government.

The settlement amount has not yet been disclosed.