Martin Winterkorn, CEO of German carmaker Volkswagen (VW) attends the company's annual press conference on March 13, 2014 in Berlin. AFP PHOTO / JOHANNES EISELE
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Volkswagen AG's emissions scandal crisis escalated Tuesday as the company issued a profit warning, set aside billions to cover the fallout and saw its shares take another battering. The CEO of the world's top-selling carmaker declared he was "endlessly sorry" that the company had squandered worldwide trust in its brand.As its share price sunk for a second straight day, Volkswagen said it was setting aside around 6.5 billion euros ($7.3 billion) to cover the fallout.Volkswagen's share price slid a further 16.8 percent Tuesday to close at 111.20 euros.The trigger to the company's market woes was last Friday's revelation from the U.S.'s Environmental Protection Agency that VW rigged nearly half a million cars to defeat U.S. smog tests.Germany's Daimler AG, the maker of Mercedes-Benz cars, was down 7 percent Tuesday, while BMW AG fell 6 percent.In a statement Tuesday, Volkswagen admitted there were "discrepancies" related to vehicles with Type EA 189 engines and involving some 11 million vehicles worldwide.
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