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Friday 30 September 2016

Mitsubishi Motors shares slump 15pc

Published 20/04/2016 | 08:38

The logo of Mitsubishi Motors is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom
The logo of Mitsubishi Motors is pictured at at the 37th Bangkok International Motor Show in Bangkok, Thailand, March 22, 2016. REUTERS/Chaiwat Subprasom

Japan's Mitsubishi Motors Corp said it would address issues of misconduct in fuel economy tests at a news conference later on Wednesday.

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Shares in the Japanese automaker fell more than 15 percent in their biggest one-day drop in almost 12 years.

"One of our models was found to have failed part of a fuel economy test," a spokesman for the automaker said.

President Tetsuro Aikawa will attend the news conference, due to start at 5.00 pm, the company said.

South Korean car makers Hyundai Motor Co and affiliate Kia Motors Corp in 2014 agreed to pay $350 million in penalties to the U.S. government for overstating their vehicles' fuel economy ratings. They also resolved claims from car owners.

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