Auto-parts suppliers option implied volatility increases on Volkswagen probe over emissions issue:

BorgWarner (BWA) 30 day option implied volatility is at 37; compared to its 52-week range of 19 to 43.
Cummins (CMI) 30 day option implied volatility is at 28; compared to its 52-week range of 15 to 37.
Harman (HAR) 30 day option implied volatility is at 41; compared to its 52-week range of 24 to 57.
Tenneco (TEN) 30 day option implied volatility is at 38; compared to its 52-week range of 20 to 45.

Implied volatility is the volatility expectation that is priced into individual options. All the inputs of an options pricing model are known (time to expiration, strike, price, interest rates) except for the volatility that the option is pricing in.