As U.S. auto safety authorities said they were seeking information on the matter, Mitsubishi Motors Corp seems to be into further trouble due to its fuel economy scandal.
There were media reports that the automaker had submitted misleading data on at least one more model than disclosed and likely several others.
Around 40 percent of its market value, or $3.2 billion was wiped off in just three days after Japan's sixth-largest automaker admitted this week it had overstated the fuel efficiency of 625,000 cars.
While Standard & Poor's warned its rating could be lowered further into speculative grade territory, the revelations have also prompted Japanese authorities to raid one of its research and development facilities.
Top Japanese government officials said Mitsubishi may have to reimburse consumers and the government if investigations find the vehicles were not as fuel-efficient as claimed which added to fears that the scandal will lead to ballooning compensation costs and fines.
"This is a serious problem that could lead to the loss of trust in our country's auto industry," Transport Minister Keiichi Ishii told a news conference on Friday.
While another minister was quoted by media as saying the government could ask it to pay for any electric car subsidies granted to consumers, Keiichi Ishii said that he wanted Mitsubishi to look at the possibility of buying back the cars in question.
Mitsubishi had submitted misleading mileage data on its i-MiEV electric car, which is also sold overseas, local Japanese media had reported. Mitsubishi has admitted to manipulating the fuel economy readings of previously disclosed models that are marketed specifically for the Japanese market.
There is also suspected use of non-Japanese test methodology on its RVR, Outlander, Pajero and Minicab MiEV models by Mitshubishi, reported the Sankei newspaper.
There may be models other than those disclosed that violate Japanese regulations, Mitsubishi has said. A spokesman said on Friday the company was still looking into those models.
"A lot of the potential impact on Mitsubishi is pending whether they find out that something was wrong in cars sold in the U.S.," said Christopher Richter, an analyst at CLSA.
The regulator had asked Mitsubishi for information on vehicles sold in the United States, an official at the U.S. National Highway Traffic Safety Administration said, reports Reuters.
He declined to comment on which models it had requested information on, or whether it had requested data from other automakers.
15 years ago in Mitsubishi had admitted to systematically covering up customer complaints for more than 20 years, bringing the company close to collapse.
Massive recall of air bag inflators that have been linked to 11 deaths and more than 100 injuries mainly in the United States and made by Japan's Takata Corp, are also in the process of being recalled by Mitsubishi.
Emissions cheating scandals have also erupted. A full report on Mitsubishi’s test data has been asked to be submitted within a week by Japan's Transport Ministry. It expects to post operating income of 125 billion yen ($1.1 billion) for the year just ended, Mitsubishi, which sells over 1 million cars annually, has said.
(Source: www.reuters.com)
There were media reports that the automaker had submitted misleading data on at least one more model than disclosed and likely several others.
Around 40 percent of its market value, or $3.2 billion was wiped off in just three days after Japan's sixth-largest automaker admitted this week it had overstated the fuel efficiency of 625,000 cars.
While Standard & Poor's warned its rating could be lowered further into speculative grade territory, the revelations have also prompted Japanese authorities to raid one of its research and development facilities.
Top Japanese government officials said Mitsubishi may have to reimburse consumers and the government if investigations find the vehicles were not as fuel-efficient as claimed which added to fears that the scandal will lead to ballooning compensation costs and fines.
"This is a serious problem that could lead to the loss of trust in our country's auto industry," Transport Minister Keiichi Ishii told a news conference on Friday.
While another minister was quoted by media as saying the government could ask it to pay for any electric car subsidies granted to consumers, Keiichi Ishii said that he wanted Mitsubishi to look at the possibility of buying back the cars in question.
Mitsubishi had submitted misleading mileage data on its i-MiEV electric car, which is also sold overseas, local Japanese media had reported. Mitsubishi has admitted to manipulating the fuel economy readings of previously disclosed models that are marketed specifically for the Japanese market.
There is also suspected use of non-Japanese test methodology on its RVR, Outlander, Pajero and Minicab MiEV models by Mitshubishi, reported the Sankei newspaper.
There may be models other than those disclosed that violate Japanese regulations, Mitsubishi has said. A spokesman said on Friday the company was still looking into those models.
"A lot of the potential impact on Mitsubishi is pending whether they find out that something was wrong in cars sold in the U.S.," said Christopher Richter, an analyst at CLSA.
The regulator had asked Mitsubishi for information on vehicles sold in the United States, an official at the U.S. National Highway Traffic Safety Administration said, reports Reuters.
He declined to comment on which models it had requested information on, or whether it had requested data from other automakers.
15 years ago in Mitsubishi had admitted to systematically covering up customer complaints for more than 20 years, bringing the company close to collapse.
Massive recall of air bag inflators that have been linked to 11 deaths and more than 100 injuries mainly in the United States and made by Japan's Takata Corp, are also in the process of being recalled by Mitsubishi.
Emissions cheating scandals have also erupted. A full report on Mitsubishi’s test data has been asked to be submitted within a week by Japan's Transport Ministry. It expects to post operating income of 125 billion yen ($1.1 billion) for the year just ended, Mitsubishi, which sells over 1 million cars annually, has said.
(Source: www.reuters.com)
