Volkswagen CEO Apologises For Emissions Scandal As Share Price Tumbles

Volkswagen CEO Martin Winterkorn has publicly apologised for the German automaker's alleged use of emissions test-cheating software in nearly half a million diesel Volkswagen and Audi models sold in the USA.

In a statement issued by the company, Winterkorn promised that Volkswagen takes the allegations "very seriously".

"I personally am deeply sorry that we have broken the trust of our customers and the public," Winterkorn said.

"We will cooperate fully with the responsible agencies, with transparency and urgency, to clearly, openly, and completely establish all of the facts of this case.

"Volkswagen has ordered an external investigation of this matter.”

The United States Environmental Protection Agency claims VW knowingly equipped cars with the group's 2.0 litre turbo-diesel inline four with a "defeat device", a piece of software that detected when the car was being emissions-tested and temporarily adjusted its tune to suit.

If the allegations are found to be true, Volkswagen could be fined up to US$37,500 per vehicle - potentially resulting in a total fine of US$18 billion (AU$25 billion).

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