German carmaker admits that 430,000 of its new cars have defects

There seems to be no hope in sight for Volkswagen as the carmaker has revealed more bad news despite the diesel emission scandal.

Over the weekend, the German auto manufacturer announced that 430,000 of its new cars have "implausible" carbon dioxide ratings.

The company has released a statement saying that Volkswagen is still investigating previous model years and what the correct CO2 ratings should be.

READ: Volkswagen reveals first quarterly loss in 15 years

Despite all of this, the company still has faith that they will overcome this scandal.

In an interview with a German newspaper, Sueddeutsche Zeitung, the works council chief, Bernd Osterloh, talked about the company's plan to move past this crisis.

“We will overcome this crisis, and Volkswagen will emerge stronger from the situation. Jobs will only be cut if fewer cars are sold. At the moment sales are not pointing in that direction."

READ: Volkswagen orders recall of 2.4 million cars

In light of the growing crisis, Barclays Plc has estimated that the price tag on the emissions scandal will probably reach about 25 billion euros ($26.8 billion) by 2017.

Do you think Volkswagen can ever recover from this mess?