World

VW stock crashes after German automaker admits it rigged US emission tests

FILE - In a Tuesday, May 5, 2015 file photo, Volkswagen CEO Martin Winterkorn addresses the shareholders during the annual shareholder meeting of the car manufacturer Volkswagen in Hannover, Germany. Winterkorn apologized Sunday, Sept. 20, 2015, after the Environmental Protection Agency said the German automaker skirted clean air rules by rigging emissions tests for about 500,000 diesel cars.  "I personally am deeply sorry that we have broken the trust of our customers and the public," Volkswagen chief Martin Winterkorn said in a statement. (AP Photo/Frank Augstein, File)

FILE - In a Tuesday, May 5, 2015 file photo, Volkswagen CEO Martin Winterkorn addresses the shareholders during the annual shareholder meeting of the car manufacturer Volkswagen in Hannover, Germany. Winterkorn apologized Sunday, Sept. 20, 2015, after the Environmental Protection Agency said the German automaker skirted clean air rules by rigging emissions tests for about 500,000 diesel cars. "I personally am deeply sorry that we have broken the trust of our customers and the public," Volkswagen chief Martin Winterkorn said in a statement. (AP Photo/Frank Augstein, File)  (The Associated Press)

Volkswagen's share price fell 15.75 percent in early trading Monday following the German automaker's admission that it rigged U.S. emissions tests for about 500,000 diesel cars.

VW chief Martin Winterkorn said in a statement Sunday that he was "deeply sorry that we have broken the trust of our customers and the public." The company has ordered an investigation and promised to cooperate with U.S. regulators.

VW's stock price stood at 136.78 euros ($156.19) on the Frankfurt stock exchange at 10 a.m. (0800 GMT) Monday.