Senior directors of German carmaker Volkswagen are to hold an emergency meeting to discuss the company’s future, after the Volkswagen was found to have manipulated its diesel car emissions tests.

The U.S. Environmental Protection Agency (EPA) has warned that Volkswagen could face penalties of up to $18 billion for cheating emissions tests. 11 million of its diesel vehicles contain software that evades emissions controls, far more than the 482,000 cars originally identified.

Volkswagen CEO Martin Winterkorn said in a video statement on Tuesday:

“Millions of people across the world trust our brands, our cars and our technologies. I am endlessly sorry that we have disappointed this trust. I apologize in every way to our customers, to authorities and the whole public for the wrongdoing.”

He has shown no intention of resigning.

The company said it would set aside 6.5 billion euros in its third-quarter accounts to help cover the costs and help regain consumer trust.