BMW X3 Model Reportedly Exceeded European Pollution Limits

Volkswagen AG isn't the only German automaker getting all the heat in the emissions probe. BMW is being dragged into the scandal after a report by Auto Bild, a German car magazine, that said one model of the BMW exceeded European pollution limits. After doing some road tests, The International Council on Clean Transportation found that a model of the BMW X3 emitted toxic pollutants more than 11 times the European standards. In response to the report, BMW told The Wall Street Journal, 'We are not familiar with the test mentioned by Auto Bild concerning the emissions of a BMW X3 during a road test. No specific details of the test have yet been provided and therefore, we cannot explain these results. We will contact the ICCT and ask for clarification of the test they carried out.' All of this comes after Volkswagen CEO Martin Winterkorn stepped down on Wednesday in the wake of the emissions scandal. The company admitted that 11 million of its cars could be equipped with the emissions-cheating software. As a result, Volkswagen may face billions of dollars in fines and lose consumer trust. Following the report, shares of BMW plunged 8 percent, their lowest level in 2 years. TheStreet's U-Jin Lee reports from New York.