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Volkswagen's CEO refuses to resign

Tuesday, September 22, 2015 - 01:24

The diesel emissions scandal deepened. The company said 11 millions cars worldwide could be affected. Fred Katayama reports.

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Volkswagen's CEO is staying in the driver's seat. In a video statement, Martin Winterkorn apologized over the diesel emission scandal in the U.S. But he refused to step down. (SOUNDBITE) MARTIN WINTERKORN, CEO, VOLKWAGEN (IN GERMAN, WITH VOICE OVER IN ENGLISH) SAYING: "I am endlessly sorry that we betrayed the trust. I apologize profusely to our clients, to the authorities and the entire public for the wrongdoing." The crisis deepened. Volkswagen said 11 million cars worldwide could be affected. And it's setting aside more than $7 billion to cover the costs of the biggest scandal in its 78 year history. It could face as much as $18 billion in U.S. fines. Shares of Europe's largest car maker fell another 20 percent. That's atop Monday's 19 percent plunge sparked by the company's admission that it used software to deceive U.S. regulators on toxic emissions put out by some of its diesel cars. Regulators overseas said, they'll take a closer look at vehicle emissions tests. Kelley Blue Book's Jack Nerad. (SOUNDBITE) JACK NERAD, EXECUTIVE EDITOR AND MARKET ANALYST, KELLEY BLUE BOOK (ENGLISH) SAYING: "Maybe more stringent regulations or more stringent oversight is in order given the fact that here's something that was a workaround that, essentially, defeated EPA regulations" Back in Germany, one paper said, the board will move Friday to replace Winterkorn with the head of Porsche, Matthias Mueller.

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Volkswagen's CEO refuses to resign

Tuesday, September 22, 2015 - 01:24