1983 Volkswagen Vanagon Camper/westfalia In Impeccable 7k In Recent Engine Work on 2040-cars

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11M VW diesels affected, Porsche and Audi under investigation

Volkswagen's diesel scandal is growing exponentially larger. In a new statement, the company admits that 11 million vehicles worldwide might be equipped with software capable of evading emissions testing. In addition, the Environmental Protection Agency is beginning an investigation into the 3.0-liter V6 in Audi models and the Porsche Cayenne in the US, according to The Detroit News. The automaker claims that from its investigation so far, the "relevant engine management software is also installed in other Volkswagen Group vehicles with diesel engines." However, the company finds that the "noticeable deviation" in test results and real-world numbers only relates to the Type EA 189 powerplant. That still leaves 11 million vehicles potentially skirting emissions rules, though. Governments around the world have started taking a closer look into the company, too. In the US, the EPA has begun testing VW's V6 diesel because "they were certified well before we knew what we know now," Christopher Grundler, director of the EPA's Office of Transportation and Air Quality, said to The Detroit News. The agency has started checking diesels from other automakers to make sure they're meeting the rules, as well. Germany, the European Union, and South Korea have instituted similar investigations. In response, VW is setting aside 6.5 billion euros ($7.25 billion at current rates) to cover servicing all of these diesels. The company admits that the figure might have to be adjusted depending on what happens next. The money is being deducted from its third-quarter earnings. Related Video: VOLKSWAGEN AG HAS ISSUED THE FOLLOWING STATEMENT: Sep 22, 2015 Volkswagen is working at full speed to clarify irregularities concerning a particular software used in diesel engines. New vehicles from the Volkswagen Group with EU 6 diesel engines currently available in the European Union comply with legal requirements and environmental standards. The software in question does not affect handling, consumption or emissions. This gives clarity to customers and dealers. Further internal investigations conducted to date have established that the relevant engine management software is also installed in other Volkswagen Group vehicles with diesel engines. For the majority of these engines the software does not have any effect. Discrepancies relate to vehicles with Type EA 189 engines, involving some eleven million vehicles worldwide.

VW's credit ratings could take a beating

In addition to a significant drop in its share price already, Volkswagen's diesel emissions scandal is continuing to have major financial repercussions on the German automaker. According to The Detroit News, credit rating agencies like Standard & Poor's and Moody's changed their forecasts on the company to negative, and Fitch has considered doing so, as well. Volkswagen appears to have the money to cover the costs of this ordeal, but the agencies question the effect that this has in the long term. "Moody's concern, however, is that Volkswagen's alleged breach of US environment rules and, especially, the process by which that breach occurred, will have an adverse effect on its reputation and credibility within the global passenger car markets," the company wrote in a note to investors, according to The Detroit News. VW has initially set aside $7.25 billion to fix things, but the potential shakeup of top executives has caused some investor uncertainty, too. The actual costs for VW to deal with this scandal are still unknown. In the US, the Department of Justice has begun a criminal investigation, and with other automakers the government has settled for $900 million against General Motors and $1.2 billion against Toyota. Attorneys general in 29 states have started looking deeper, according to The Detroit News, and regulators in Europe, South Korea, and Canada have commenced their own probes, as well. Related Video:

German investigators search VW headquarters, take documents

German investigators are no longer pursuing an official investigation against former Volkswagen CEO Martin Winterkorn, but prosecutors aren't giving up their detective work into the automaker's actions surrounding its diesel emissions scandal. In their latest move, authorities have searched VW's headquarters in Wolfsburg and confiscated documents and other data to learn more about how a software-based "defeat device" made it into the real world, according to Reuters. VW described the amount of material that it handed over as "comprehensive." The automaker is also conducting its own, internal investigation, but the company isn't releasing those results, yet. It has allegedly responded by suspending over 10 employees, including three top engineers. There has been reportedly no actual evidence found against this trio of men. In addition to the work of German prosecutors, many US investigators are looking into VW's actions, as well. The West Virginia Attorney General is suing the company for fraud, and there are pending class-action lawsuits. In written testimony for a Congressional hearing, Michael Horn, President and CEO of VW Group of America, said he first learned of the emissions noncompliance when the West Virginia University study was published in the spring of 2014. A recall on the affected Volkswagens isn't expected to begin until at least January, according to CEO Matthias Muller, and it could be later for some models. The costs to fix them all and deal with potential fines means that VW must delay some projects to save money. Put another way, VW will be dealing with the repercussions of this scandal for years. Related Video: