Volkswagen's Admission It Cheated on Emissions Tests Will Cost It Billions

The automaker's stunning admission has already cost the company $15 billion in market value.
1:34 | 09/22/15

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Transcript for Volkswagen's Admission It Cheated on Emissions Tests Will Cost It Billions
It's costing vaults like in generally here's more from ABC's David currently. Volkswagen stunning admission cost it fifteen billion dollars in market value after dressing up. That a half million of its diesel cars in the US weren't using their emission control systems. Except during testing. Some of its most popular models most made in the past six years a fact concealed from investigators for a year the company finally admitting to writing software which sense when a car is hooked up for a check. The controls limiting emissions would then automatically switch on but after the test the control switched off and the car went back to emitting illegal levels of pollutants. It's inconceivable to me frankly they've deliberately designed. The software as we investigated it. They conceals relevant facts. Volkswagen CEO says the company is deeply sorry that we have broken the trust of our customers and the public. Criminal charges and an eighteen billion dollar fine are possible. And the company may have to change one of its advertising lines. Truth is in engineering David Curley ABC news Washington. Tumbles wagon owners are demanding that they get their money back for the cars that they paid. Yeah a lot of people are angry about it and ironically not only did Volkswagen stock go down about 20% yesterday but other German automakers also. Felt the pinch on the markets and they're bracing for the markets overseas this morning as well. We'll see what they sort of long effect this hats.

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