Mitsubishi under pressure as the scandal involving the car maker doesn’t appear to be going away anytime soon as Mitsubishi’s president and vice-president resign. The scandal involves Mitsubishi making claims on fuel economy tests that apparently were shown to be falsified. Obviously, if Mitsubishi could fudge the data/tests on fuel efficient cars it would entice potential buyers of those cars. Mitsubishi Motors Corp admitted to manipulating test data to overstate the fuel economy of 625,000 cars sold in Japan, knocking its shares down more than 15 percent and wiping $1.2 billion off its market value back in April.
“As our announcement today on the Report to the Ministry of Land, Infrastructure, Transport and Tourism concerning improper conduct in fuel consumption testing of vehicles manufactured by MMC shows, MMC has caused tremendous trouble and concern to our customers and all of our stakeholders. Considering this, Mr. Aikawa and Mr. Nakao decided today that they will resign as Representative Directors as of June 24, 2016.”
So, not only do the Japanese owners of these 625,000 Mitsubishi K-cars have a car which was sold as being fuel efficient when they weren’t, they are also now facing a 80 percent annual car tax on these cars. The date of resignation of the president and vice-president is June 24, 2016 (the day of MMC’s ordinary shareholders meeting). Nissan has worked out a deal to incorporate Mitsubishi since Mitsubishi was already manufacturing cars for Nissan.
Source: Asian Review
May 18, 2016
by Shotara Tani
Mitsubishi Motors president, vice president announce resignations
Mitsubishi Motors President Testuro Aikawa announces his decision to quit on May 18.
TOKYO — The president and the vice president of Mitsubishi Motors on Wednesday confirmed that they will step down, after the company informed Japan’s transport ministry of further finding concerning rigged fuel economy tests.