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Fuel test fears send Mitsubishi Motors shares down 15% Mitsubishi Motors admits falsifying fuel economy tests
(35 minutes later)
Shares in Mitsubishi Motors have fallen more than 15% after the Japanese car maker said an unspecified number of its cars had failed fuel tests. Mitsubishi Motors has admitted falsifying fuel economy test data for more than 600,000 vehicles.
The company will hold a news conference in Tokyo at 5pm local time (08:00 GMT) about the issue. Shares in the Japanese car maker closed down more than 15% after it made the announcement.
Tetsuro Aikawa, president of Mitsubishi Motors, will attend the briefing.
Shares closed down 131 yen at 733 yen in Tokyo - their biggest one-day fall in nearly 12 years.
"One of our models was found to have failed part of a fuel economy test," a spokesman said.
NHK said the faulty tests could affect about 600,000 Mitsubishi-produced cars, including some vehicles it makes for rival Nissan.
Mitsubishi, Japan's sixth-largest car maker, sold more than one million vehicles last year but has less than 1% of the UK market.Mitsubishi, Japan's sixth-largest car maker, sold more than one million vehicles last year but has less than 1% of the UK market.
This is the first time that a Japanese car maker has reported misconduct involving fuel economy tests since Volkswagen's emissions scandal last year in which it was found to have cheated diesel emissions tests in the United States and elsewhere. The company said it has stopped making and selling the vehicles and had set up an independent panel to investigate.
Company bosses, including Mitsubishi Motors president Tetsuro Aikawa, bowed deeply at the start of a media briefing in Tokyo.
He said the misconduct was reported to Japan's transportation ministry.
The inaccurate tests involved 157,000 of its own brand light passenger cars and 468,000 vehicles produced for Nissan.
The problem was uncovered after Nissan pointed out inconsistencies in emissions data. Mitsubishi then conducted an internal investigation and found that figures had been falsified.
Shares closed down 131 yen at 733 yen in Tokyo - their biggest one-day fall in nearly 12 years.
Scandals
This is the first time that a Japanese car maker has reported misconduct involving fuel economy tests.
In 2014 South Korean car makers Hyundai and its affiliate, Kia, agreed to pay $350m in US penalties for overstating their vehicles' fuel economy ratings. They also resolved claims from car owners.
Mitsubishi's announcement follows on from the Volkswagen's emissions scandal last year, in which it was found to have cheated diesel emissions tests in the United States and elsewhere.
VW is recalling millions of cars worldwide as a result of the scandal and has set aside €6.7bn (£4.8bn) to cover costs.VW is recalling millions of cars worldwide as a result of the scandal and has set aside €6.7bn (£4.8bn) to cover costs.
It resulted in the company posting its first quarterly loss for 15 years of €2.5bn in late October.It resulted in the company posting its first quarterly loss for 15 years of €2.5bn in late October.
In 2014 South Korean car makers Hyundai and its affiliate, Kia, agreed to pay $350m in US penalties for overstating their vehicles' fuel economy ratings. They also resolved claims from car owners.