Here's what auto industry analysts are saying about Volkswagen's crisis

The CEO, Martin Winterkorn, has been ousted, according to German press reports in Der Tagespiegel, and he will be replaced by Porsche CEO Matthias Muller.

Last week news broke that VW used software to cheat emissions standards testing.

And on Tuesday the company announced the problem was worse than thought, affecting 11 million cars.

Since that story first hit, VW's shares have been clobbered. They're down by as much as 18% as of 14:47 p.m. UK time (9:47 a.m. ET) after losing more than 20% in trading on Monday - more than a third of the company's market value has been wiped away in just 2 days.

Here's what the analysts are saying.