Volkswagen CEO says he's 'endlessly sorry' for tarnishing brand

September 23, 2015 00:52

Volkswagen AG's emissions scandal crisis escalated today as the company issued a profit warning, set aside billions to cover the fallout and lost billions more in market value.

VW's CEO said he is "endlessly sorry" that the world's top-selling carmaker squandered worldwide trust in its brand.

The rapid-fire developments came as Volkwagen stunningly admitted that some 11 million of the German carmaker's diesel vehicles worldwide contain software that evades emissions controls, not just the half a million cars that the US.

As its share price sunk for a second straight day, Volkswagen said it was setting aside around 6.5 billion euros ($7.3 billion) to cover the fallout. CEO Martin Winterkorn apologized for the deception under his leadership and pledged a fast and thorough investigation, but gave no indication that he might resign.

"Millions of people across the world trust our brands, our cars and our technologies," Winterkorn said Tuesday in a video message. "I am endlessly sorry that we have disappointed this trust. I apologize in every way to our customers, to authorities and the whole public for the wrongdoing." "We are asking, I am asking for your trust on our way forward," he said.

"We will clear this up." VW has yet to explain who installed the software, under what direction, and why.

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