(From The Telegraph)
Mitsubishi Motors admitted it had falsified fuel economy test data to make emissions levels look more favourable, sending shares in the Japanese car company tumbling more than 15pc, wiping $1.2bn from its market value.
Tetsuro Aikawa, president of Japan’s sixth-largest automaker by market value, bowed in apology at a news conference in Tokyo for what is the biggest scandal at Mitsubishi since a defect cover-up over a decade ago.
The problem was reportedly found after Nissan pointed out inconsistencies in data, the company said.
Mitsubishi then conducted an internal probe and found that tire pressure data was falsified to make mileage appear better than it actually was.
“The wrongdoing was intentional. It is clear the falsification was done to make the mileage look better. But why they would resort to fraud to do this is still unclear,” Mr Aikawa said. He said that although he was unaware the irregularities were happening, “I feel responsible”.
Shares in the company closed down more than 15pc at 733 yen, the stock’s biggest one-day drop in almost 12 years.
In 2000, Mitsubishi revealed that it covered up safety records and customer complaints. Four years later it admitted to broader problems going back decades. It was Japan’s worst automotive recall scandal at the time. Read More