The U.S. Environmental Protection Agency claims Volkswagen has been cheating on emissions testing by deploying software that could sense when the car was being tested and thus lower the car's emissions.
The company has been rocked by the news that up to 11 million cars worldwide may have been installed with software that covertly altered the results of emissions tests.
In Japan, the Nikkei 225 ended the day 2.8 percent in the red, with shares of car manufactures falling steeply as a delayed reaction to the Volkswagen emissions scandal.
The U.S. Justice Department has launched a criminal probe and at least 25 proposed class actions on behalf of consumers have already been filed in seven states.
Worries that an eventual tightening in U.S. monetary policy and slower growth in China could knock the global economy have scared off investors, particularly those invested in stocks and commodities.
Martin Winterkorn, who was ranked the second-highest-paid chief executive in Europe prior to his resignation, may still receive pension payments worth millions.
Being accused of flouting environmental regulations and then lying about it isn't great for business, it turns out.
News of CEO Martin Winterkorn's resignation Wednesday comes days after the automaker admitted that 11 million of its cars were rigged to cheat on EPA emissions tests.
Qatar may have lost over $4 billion in its sovereign wealth fund due to its large stake in the scandal-steeped automaker.
CEO Martin Winterkorn apologized for the "irregularities" after the company admitted to using illicit software to cheat U.S. emissions tests.
Amid news that some Volkswagen Group vehicles deceive emissions testers, those who own the autos must decide whether to drive them while awaiting a recall.
Clair Patterson's research led to the Clean Air Act of 1970 -- the law Volkswagen violated with the use of "defeat devices."
Volkswagen is the champion of small diesel engines in the U.S., but a scandal like this could deal a serious blow to the company's image.
German auto sales have already been weak. Could the Volkswagen emissions scandal drive them down even further?
The number of affected cars has reached 11 million, and Volkswagen authorities said they set aside $7.27 billion to cover the costs of the recalls.
Volkswagen announced it has set aside $7.3 billion to cover costs related to its emissions scandal, while its stock fell nearly 19 percent on the Frankfurt exchange Tuesday.
If problems are found, South Korea's environment ministry said its probe could be expanded to all German diesel imports.
The world’s largest automaker faces years of crisis management following its diesel emissions cover-up.
The 4-cylinder turbo diesel engine is most commonly found in Volkswagen's Golf, Jetta, Passat and Beetle.
CEO Martin Winterkorn said Sunday that he was "deeply sorry" about the practice of reporting false emissions data for some of the automaker's vehicles.
A respected industry publication pulled its endorsement of two cars after the EPA alleged the German automaker cheated on emissions requirements.
Volkswagen and Audi autos are being recalled after the Environmental Protection Agency discovered the German automaker installed software to evade clean air standards.
