The most important next step will be as and when VW will conclude its internal investigations,” Arndt Ellinghorst, a London-based analyst for Evercore ISI, wrote in a note Monday. A program the company set up to encourage whistle-blowers expires Monday, and VW plans to present interim results of its internal inquiry in mid-December.

The carmaker is facing an emissions scandal on three fronts: cheating software it installed in about 11 million cars worldwide; irregular carbon dioxide ratings on about 800,000 vehicles in Europe; and additional questionable emissions software in about 85,000 VW, Audi and Porsche cars with 3.0-liter diesel engines in the U.S. Approval of repairs in Germany, and by extension the rest of Europe, doesn’t guarantee a thumbs-up in the U.S., where regulators first uncovered Volkswagen’s diesel deception.

For the smaller diesels, the German manufacturer has submitted a plan to repair nearly half a million cars to U.S. regulators. A response is due in December. For the bigger diesels, the company plans to alter the questionable software, known as an auxiliary emissions control device, and resubmit it for approval.

Eoin Treacy's view

Volkswagen has sustained a great deal of damage to its reputation as a result of its subterfuge in marketing “clean diesel”. The big question is how they can contain the cost of fixing it and if that can be achieved with introducing an additional filter which does not impact performance that would be very good news. 

The share paused in the region of €100 from early October and a reversionary rally is now underway. A clear downward dynamic would be required to check that advance and a sustained move below €100 would be required to question medium-term scope for support building.