Global news headlines have been dominated by Volkswagen's alleged manipulation of emissions test results. Suspicions that this manipulation might be more widespread throughout the automotive industry have also surfaced. Ensuing share price declines and estimations of billions of dollars in losses have been widely reported. However, the total cost of the crisis, and how it will unfold, have yet to be determined. As further details arise, the picture will become clearer; however it is evident that this could be a watershed moment for the automotive industry.