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4-Traders Homepage  >  Equities  >  Tokyo  >  MITSUBISHI MOTORS CORPORATION    7211   JP3899800001

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MITSUBISHI MOTORS : M'bishi Motors books 19.1 bil. yen charge related to cheating scandal

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05/25/2016 | 10:53am CEST

Mitsubishi Motors Corp. said Wednesday it booked a special charge of 19.1 billion yen ($173 million) as it revised its earnings results for the past year to March 31 to reflect costs incurred responding to a fuel economy cheating scandal.

The amount includes compensation to be paid to buyers of four models of minicars whose fuel economy was found to be inflated, Mitsubishi Motors said.

Mitsubishi Motors has come under fire since it came to light in late April that the fuel economy of four minicar models, including those supplied to Nissan Motor Co., had been manipulated.

Mitsubishi Motors has admitted that for years it did not use testing methods consistent with Japanese regulations.

On Wednesday, Mitsubishi Motors and Nissan signed a strategic alliance agreement that will give Nissan a 34.0 percent stake in the smaller automaker for 237.36 billion yen.

Former Nissan Vice President Mitsuhiko Yamashita, 63, now a technical adviser at Japan's second-largest automaker, will lead Mitsubishi Motors' development division from June 24.

Mitsubishi Motors Chairman Osamu Masuko will double as president as Tetsuro Aikawa, the current head of the troubled automaker, is stepping down.

==Kyodo

© Kyodo News International, Inc., source Newswire

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