Shares of BMW drop sharply on a report that its diesel engines "significantly" exceeded regulatory limits. VW's SEAT also implicated.
More than two years after researchers reported abnormalities in Volkswagen emissions, the automaker is engulfed in a scandal.
Matthias Muller, the current chief of Volkswagen subsidiary Porsche, is expected to be named CEO of Volkswagen, sources told CNBC.
Platinum gained ground after a four-day rout prompted by fears that auto industry demand could take a hit following the Volkswagen scandal.
One analyst says an automaker that competes with Volkswagen may have the right product formula to benefit now.
Volkswagen's emissions cheating scandal has divided investors on Asia's auto stocks.
European stocks closed sharply lower on Thursday, as the fallout from the Volkswagen emissions scandal caused auto stocks to tumble.
In light of the storm surrounding accusations that Volkswagen rigged their cars to pass emission tests in the U.S., CNBC looks at other auto scandals.
German business sentiment unexpectedly rose in September, the Ifo Institute said on Thursday.
Squawk Box Live in Europe had news and analysis on Volkswagen, after its CEO Martin Winterkorn resigned Wednesday.
Asian shares traded mixed on Thursday, with Japan's Nikkei 225 index lagging on its first day of trade following a five-day long weekend.
In Europe, some automakers have taped up test cars' doors and grilles to bolster their aerodynamics, the NYT reports.
Some hedge fund traders claimed to have bet against Volkswagen stock before news of the emissions cheating scandal broke, the FT reports.
The dollar slipped against the euro on Wednesday after Mario Draghi said the ECB needed more time to assess whether to boost QE.
Are there U.S. stocks exposed to the Volkswagen emissions scandal?
VW's recent accomplishments made Winterkorn's resignation seem all the more sudden.
Europe stocks finished marginally higher on Wednesday, as investors digested the latest from Volkswagen and continued to ponder China's economic health.
The embattled CEO was "shocked by the events of the past few days" and "stunned that misconduct on such a scale was possible in the Volkswagen Group."
VW had a previous run-in with authorities over vehicles that used so-called "defeat devices" to disable pollution-control systems. NBCNews reports.
The U.S. government will be less accepting of auto industry claims, warns the top federal vehicle safety regulator.