Volkswagen CEO Martin Winterkorn says he is stepping down, The Associated Press reported Wednesday.
The company admitted Tuesday that 11 million diesel vehicles worldwide had software designed to fool emissions tests.
The company said it plans to set aside $7.3 billion to pay for the scandal. The company's stock was getting hammered Tuesday before rising slightly Wednesday.
The U.S. Environmental Protection Agency could fine the company $37,500 per vehicle. The cars with the software issues include 2009 to 2014 Volkswagen Jetta, Beetle and Golf, the 2014 and 2015 Volkswagen Passat and the 2009 to 2015 Audi A3, according to the EPA.
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