Volkswagen shares fall after new emissions revelation

The company has been unable halt the flow of bad since mid-September, when the U.S. Environmental Protection Agency said Volkswagen had installed software on 482,000 cars with small diesel engines that enabled them to cheat on emissions tests for one pollutant, nitrogen oxide.

VW previously admitted that up to 11 million diesel vehicles were equipped with software that allowed them to pass emissions tests by temporarily lowering pollution levels, only to turn this software off during normal operation.

The software gave the diesel engines the capability to rig emissions tests.

In addition, Porsche has also stalled the sales of the diesel model of its 2014-2016 Cayenne SUV.

Enlarge VW's stumbling stock price after revealing the CO2 emissions irregularities last night

In the midst of the negative revelations, the European Commission (EC), the executive arm of the European Union, said in Brussels on November 4 that VW should accelerate its probe into the scandal over the defeat devices. "This development nevertheless extends and deepens the scope of the risks and costs facing the company, beyond the manipulation of nitrogen oxide emissions in diesel engines, and demonstrates the wide-ranging negative credit consequences facing the company", S&P said in a news release.

Around 98,000 Volkswagen petrol vehicles are caught up in VW's latest emissions scandal, Germany's transport minister has said. "We all have an interest that everything at VW is turned over and reviewed", Mr Dobrindt said, adding that the government wanted to force VW to pay the extra vehicle taxes that would be incurred by the higher Carbon dioxide emission levels.

Volkswagen appears very concerned about all of the issues revealed by the emissions scandal.

On Tuesday, the German automaker revealed that an internal investigation had exposed "unexplained inconsistencies" in the carbon dioxide emissions from a few of its vehicles.

Most of the affected cars are in Europe and the 2bn in possible costs are an initial estimate, according to the spokesman. The cars were sold under the Volkswagen, Audi, SEAT and Skoda brands, most in Europe and none in the U.S.

The Volkswagen faces heavy recall and penalty costs worldwide in the biggest crises of the vehicle manufacturing giants history. Now the software is turning up in the more powerful V6 engines commonly found in sports and luxury cars.

Their parent company has even stopped the sale of the 2014-16 Porsche Cayenne and the 3 liter diesel 2015-16 Volkswagen Touareg.