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Volkswagen CEO says he is ‘endlessly sorry’ for emissions deception as VW issues profit warning

A woman watches a video statement by Volkswagen AG CEO Martin Winterkorn, on the company's website, in Hanover, Germany, Tuesday Sept. 22, 2015. Winterkorn apologized for the manipulations of VW diesel cars in the U.S. to defeat emission tests , and promised a fast and thorough investigation. (Julian Sratenschulte/dpa via AP)
A woman watches a video statement by Volkswagen AG CEO Martin Winterkorn, on the company's website, in Hanover, Germany, Tuesday Sept. 22, 2015. Winterkorn apologized for the manipulations of VW diesel cars in the U.S. to defeat emission tests , and promised a fast and thorough investigation. (Julian Sratenschulte/dpa via AP) A woman watches a video statement by Volkswagen AG CEO Martin Winterkorn, on the company's website, in Hanover, Germany, Tuesday Sept. 22, 2015. Winterkorn apologized for the manipulations of VW diesel cars in the U.S. to defeat emission tests , and promised a fast and thorough investigation. (Julian Sratenschulte/dpa via AP)

By Associated Press 6 min read

photo In this Nov. 20, 2008, file photo a Volkswagen Jetta TDI diesel engine is displayed at the Los Angeles Auto Show.
photo The exhaust of a Volkswagen car photographed at the Car Show in Frankfurt, Germany, Tuesday, Sept. 22, 2015. Volkswagen has admitted that it intentionally installed software programmed to switch engines to a cleaner mode during official emissions testing. (AP Photo/Michael Probst)
photo Stefan Jacoby, right, President and CEO of Volkswagen Group of America, Inc., steps out of a Jetta with Tennessee Governor Phil Bredesen on the sidewalk in front of the Hunter Museum in 2008 as they arrive to announce that the German automaker would build a vehicle assembly plant in Chattanooga.
photo Workers assemble a Passat sedan at Volkswagen AG’s plant in Chattanooga.

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* Volkswagen’s reputation erodes as diesel emissions scandal widens * Cooper: VW brand on the line * VW unveils new Passat design for 2016 * VW rocked by emissions scandal as prosecutors come calling * For 7 years, VW software thwarted pollution regulations * VW scandal has TN officials fuming after giving millions in incentives * Volkswagen tells dealers to stop selling 2015 diesel cars * Cooper: VW’s alleged emissions ‘defeat device’ disheartening* VW could be fined $18 billion for cheating on emission rules* VW stock crashes after admitting it rigged U.S. emission tests* EPA: VW intentionally violates clean air standards

BERLIN — Volkswagen AG’s smog-test scandal escalated Tuesday as the company acknowledged putting stealth software in millions of vehicles worldwide. The crisis has already cost VW more than 24 billion euros ($26 billion) in market value.

The world’s top-selling carmaker now admits that 11 million of its diesel vehicles contain software that evades emissions controls, far more than the 482,000 cars identified by the U.S. Environmental Protection Agency as violating clean air laws.

Volkswagen set aside an initial 6.5 billion euros ($7.3 billion) to cover the fallout and “win back the trust” of customers. It also said this year’s profit projections will change, and warned that future costs remain undetermined.

CEO Martin Winterkorn apologized for the deception under his leadership and pledged a fast and thorough investigation, but gave no indication that he might resign. Meanwhile, Volkswagen’s ordinary shares fell another 20 percent Tuesday, to close at 111.20 euros.