Mitsubishi claims falsification of fuel economy data goes back to 1991
Mitsubishi Motors has revealed the falsification of fuel consumption data for a number of its mini cars sold in Japan goes right back to 1991.
FOR 25 YEARS Mitsubishi has been selling its mini cars in Japan and reporting fake fuel consumption data, it was revealed yesterday. In a press conference, Mitsubishi’s president and executive vice president revealed the company had been improperly reporting the fuel economy of its mini cars… whether that improper testing extends to cars sold in other markets is unknown, but unlikely due to each country applying its own fuel consumption standards to new cars.
“Customers bought our cars based on incorrect fuel-economy data,” President Tetsuro Aikawa told reporters during a press conference today. “I can’t help but apologize.”
Mitsubishi isn’t talking about compensation just yet, but it has announced the establishment of a three-person panel consisting of former lawyers with no connection to Mitsubishi to investigate improper testing at the company.
The disclosure of the information has sent shockwaves through the company, dropping its market value to just $3.27 billion.
Interestingly, the discrepancies in fuel economy data were discovered by Nissan which purchases the eK Wagon and eK Space from Mitsubishi. Indeed, three-quarters of the affected cars were badged as Nissans.
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5 Comments
Mitsubishi should just close its doors. They are producing ancient crap, that is now 10 years behind in design. Ugly and undesriable – yes I know that applies toi Toyota too, but people actually buy Toyota and they have money unlike Mitsubishi who can’t even afford to replace 7-8 year old Lancer. The wolrd is awash with too many cars and losing Mitsubishi will zero effect on the market.
Interestingly enough, the cars pinged were Mitsubishis built for and badged as Nissans. But this scandal could very well seriously affect the company’s ability to trade with one-third of its value wiped off since the news broke.
Call me crazy but i would list 7211:JP [ Mitsubishi’s Motors tic code] as a BUY, its trading at Yen422 and may go down further, BUT it will go up, and by at least 20% short term and you can bank a easy profit.
Its largest share holder is Mitsubishi Corp. they have billions to rescue it, not a issue of going under
That would be a gross waste of money to prop up a company that is trailing edge and is not needed. Explain why we need so many manufacturers, especially struggling ones.
UP 8% just today!!, try that at a bank, oh and you need the money in there for a year to earn 3% this is ONE DAYS trade, ” i told you so”
Better than a money tree
SO MUCH WIN!!