the company s diesel engines. martin winter corn said he accepts responsibility, but that he is not aware of any wrong-doing on his part. we have a report on the scandal and the damage control happening right now in germany. the crisis of volkswagen is escalating into a full-blown scandal with global repercuss n repercussio repercussions. from canada to south korea and thailand were asked whether they were deceived. this after the environmental protection agency found that vw used clever software that lowered emissions only when being tested. the u.s. and eu have different testing methodology. the u.s. has different regulations for diesel fuel vehicles. in order to meet the standards testing, carried up to three times per model and only once
joey jackson and bringing in something that just came into cnn. oh. and wait until you hear what the ceo of vw is saying, the chief executive martin winter corn has released this apology and full-on apology and in part millions of people all over the world trust our brands, our cars, and our technology. i am deeply sorry we have broken this trust. i would like to make a formal apology to our customers and to the authorities aed on the the general public for this misk misconduct. it does not get any more contrite than that. it doesn t, and also in legal terms that is what we call the admission. ouch. and it is an admission against the interest, and clearly an admission of what is going on here, and the implications of this are enormo enormous, and make no mistake of it, and you can look at the financial implications, and the stock value, of course, because it is going to consumerer trust,
shares of volkswagen, the world s largest automaker, fell 20% today. this comes on the first day of trading following accusations that the automaker has been cheating u.s. emissions laws for years. today, vw ceo martin winter corn admitted as much. in a statement, he said volkswag volk s w epa officials say on friday 500,000 diesel models manufactured since 2008 could contain software that enables cars to report false emissions data. these cars emit as much as 40 times the level of pollutants allowed under clean air rules. the epa also saying volkswagen could face a fine as high as 18 billion for the alleged violations.