For the second time in about a decade, Mitsubishi Motors Corp. faces a scandal that poses an existential threat.
The Japanese automaker has improperly tested the fuel economy of its cars for the past quarter century, widening the scope of misconduct that executives initially said dated back to 2002. The Mitsubishi Motors board formed a panel of three ex-prosecutors to investigate for about three months. Until then, customers, investors and minicar partner Nissan Motor Co. may be left waiting for information about the number of affected models and details of compensation.
“I’m taking this as a case that could affect our company’s existence,” President Tetsuro Aikawa told reporters during a press conference Tuesday. “My mission is to solve the issue.”
On Tuesday, Mitsubishi Motors shares plunged for a fifth day, slashing the company’s market value by half during that span to about 427 billion yen ($3.8 billion). The deepening crisis is the worst since the automaker covered up defective axles that led wheels to detach in fatal accidents, prompting multiple bailouts from Mitsubishi group companies.
The stock climbed 1.6 percent to 441 yen in early Tokyo trading on Wednesday.
