Martin Winterkorn, the CEO of Volkswagen AG, apologized two days after U.S. authorities found out they deceived consumers with the emission testing result of its diesel vehicles, according to a report from Bloomberg.
The company also said that it would be stopping the sale of the 2015 diesel models and pre-owned vehicles affected with the deception in the U.S.
Winterkorn said that he is "deeply sorry" for the manipulation and that the company will do "everything necessary in order to reverse the damage this has caused," according to Bloomberg.
He added that "this matter has first priority for me, personally."
Bloomberg added that U.S. authorities have faulted Volkswagen for outfitting nearly half a million diesel Volkswagen and Audi vehicles with software that turns on full pollution controls only during official tests.
The software allowed diesel vehicles of Volkswagen and Audi to pollution testing and deceive consumers about it.
ABC News adds that the company has marketed its diesel-powered cars as being better for the environment.
These cars accounted for 25 percent of the company's sales.
The deception carries a risk of $18 billion in fines and potential criminal charges for executives, according to Bloomberg.
The revelation comes just days before Volkswagen's board meets to renew Winterkorn's contract through 2018.
Ferdinand Dudenhoeffer, a director of the Center for Automotive Research at the University of Duisburg-Essen, told Bloomberg that "Winterkorn is responsible for the development."
"That means Winterkorn either knew about it, or he didn't know what his department was doing," he said. "For every politician in the world, that would be grounds for resignation."
John Schilling, a spokesman for Volkswagen, told The New York Times that the company would stop selling its 2015 and 2016 Volkswagen and Audi vehicles equipped with 4-cylinder turbo diesel engines in the U.S.
These engines are the ones that the company has marked as "clean diesel."
The New York Times also reported that Schilling doesn't know how many models would be stuck on the dealers' lot as a result of the decision.
Bloomberg added that Volkswagen's clean and powerful diesel vehicles were supposed to be its ticket to growing the company in the U.S.
Volkswagen has been struggling in the U.S. market for decades, despite being the largest carmaker in the world.
The company said that it is working with regulators regarding the issue and has also ordered an external investigation of its own, according to Bloomberg.
