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.
Mike Jackson, leader of the nation's largest auto dealer chain, said Wednesday Volkswagen's U.S. emission deception is "absolutely shocking" and a "systemic failure."
Asian equities slid deeper into the red on Wednesday, after a preliminary reading of the manufacturing sector rekindled worries over China.
Volkswagen's emissions scandal fallout may not limit itself to just the automaker: Germany’s hard-won reputation for trustworthiness is at stake.
"Buy the dip" may not be the best stock market strategy just now, some analysts say.
The CEO of VW's U.S. business used the launch of the new Passat to issue an abject apology, after the automaker was caught rigging emissions tests.
CNBC highlights the good feeling around the German firm as it tackles an investigation that is spreading across the globe.
Volkswagen's emissions scam was enabled by millions in U.S. taxpayer subsidies.
European stocks ended sharply lower on Tuesday, brought down by autos tanking, mining companies being downgraded and oil prices weighing on sentiment.
VW's stock slid 20 percent on news of the latest car recall. But data show the 10 largest recalls barely affected the companies' stock price overall.
Squawk Box Live in Europe had all the developments on the Volkswagen scandal, with more governments looking to probe the automaker.