After a relatively quiet few week for European auto manufacturers, the scandal involving Volkswagen has come back with a vengeance this week, sending investors to the sidelines.
Germany's Volkswagen tanked 10 percent in morning trade on Wednesday with its Porsche brand also seeing heavy losses, down 8 percent. Daimler, Peugeot, Renault and BMW were also trading lower by around 2 percent, despite the latter posting a surprise increase in third-quarter operating profit on Tuesday.
In September, Volkswagen admitted rigging emissions tests, saying some 11 million vehicles worldwide were affected. It set aside 6.5 billion euros (£4.7 billion) to cover costs of the scandal. However, further revelations have added to what is easily the biggest crisis in VW's 78-year history.