Here are the latest updates:
- Volkswagen sets aside €6.5 billion to win back trust
- Volkswagen "totally screwed up", says US boss
- Volkswagen shares dive €15bn after revelations
- Car emissions figures could be fiddled in Europe
- Volkswagen Q&A: what is the emissions scandal and how should drivers react?
Please wait a moment while the liveblog loads
Volkswagen has said it will set aside €6.5 billion to cover the cost of a diesel emissions scandal and to "win back the trust of its customers".
Some 11 million cars may be affected by VW's admission that it rigged reports of diesel emissions. The company has been ordered to recall half a million cars in the US.
The US boss of Volkswagen said they had "totally screwed up" emissions testing.
Michael Horn said: "Our company was dishonest with the EPA and the California air resources board, and with all of you, and in my German words, we have totally screwed up."
Volkswagen’s reputation as a byword for quality and reliability lies in tatters, according to the German press. The German paper Bundesdeutsche Zeitung said: "'Made in Germany’ in the gutter".
Until now, Germany was considered the world leader in clean diesel. Sigmar Gabriel, Germany’s vice-chancellor and economic minister, has warned that the country’s reputation has been compromised. "We are worried that the justifiably excellent reputation of the German car industry and in particular that of Volkswagen will suffer," Gabriel said, according to the Telegraph.
