Volkswagen shares are diving more than 13% in early trading on Monday.
US regulators found software the carmaker designed for diesel cars gave false emissions data and the company faces fines of up to $US18 billion, the Environmental Protection Agency said on Friday.
Volkswagen’s CEO apologised on Sunday, saying he was “deeply sorry” for the violation of U.S. rules.
“I personally am deeply sorry that we have broken the trust of our customers and the public,” Martin Winterkorn said in a statement.
Business Insider Emails & Alerts
Site highlights each day to your inbox.