Mitsubishi Motors Fuel Consumption Scandal Sends Stock Tumbling [Update]

Posted: Apr 20 2016, 1:20am CDT | by , Updated: Apr 20 2016, 10:57pm CDT, in News | Cars & Vehicles

Mitsubishi Motors Fuel Consumption Scandal Sends Stock Tumbling
Japan's Mitsubishi Motors president Tetsuro Aikawa introduces the electric SUV 'eX Concept' model during a press preview at the Tokyo Motor Show in Tokyo on 28, 2015. The Tokyo Motor Show kicks off with a focus on cars that drive themselves, eco-friendly technologies, and a digital-savvy generation. AFP PHOTO / Yoshikazu TSUNO (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)

Japanese car maker has handled fuel tests improperly.

A new car fuel scandal is breaking today. Japanese car maker Mitsubishi Motors announced today the improper handling of fuel tests. The details are not available yet. Mitsubishi's President Tetsuro Aikawa will brief the press at 5pm local time.

Update: Mitsubishi's President admits that the company falsified fuel economy test data to make emissions levels look more favorable. This is the biggest scandal in the history of Mitsubishi Motors in the past 10 years.

The manipulations affect cars made from mid-2013. Over 625,000 vehicles are affected including the eK min-wagon. According to Reuters, Mitsubishi will stop making these cars and has called in an independent panel to investigate.

The stock market has already reacted and has sent down the Mitsubishi Motors stock by a dramatic 17% according to Bloomberg. This is the biggest intra-day drop in 12 years.

It is not clear yet how big this new car scandal is and if it is reaching the extent of the Volkswagen emission scandal. At this point it is not known if the improper handing of fuel tests is about emission or consumption.

Tetsuro Aikawa became President of Mitsubishi Motors in June of 2014. He joined the company in 1978. Today could be his biggest challenge yet as President of Mitsubishi.

So far only Volkswagen is facing a major legal backlash from governments and customers. Investigations are ongoing about weather other car makers have also manipulated emission tests. Environmental group Greenpeace has just raised awareness with a report that car lobbyists are trying hard to hinder the investigations into the emission scandal in Germany.

Greenpeace released a so called "Schwarzbuch Autolobby" with 33 profiles of car industry lobbyists and how they are connected to politics.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
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