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Mitsubishi shares continue to fall

Japan’s Transport Ministry raids its research centre during probe into mileage test data scam

IFM Correspondent

April 22, 2016: Mitsubishi Motor Corp shares fell the second time in as many days following its admission to manipulating mileage test data for its mini cars sold in Japan. The shares fell by 15 percent on Wednesday and 20 percent on Thursday.

The tests overstated fuel efficiency by 5 percent to 10 percent. The company said an investigation is on. Meanwhile, it said it will halt production and sales of affected vehicles that include some made for Nissan.

On Thursday, Mitsubishi said that Japan’s Transport Ministry raided its research facilities in Nagoya while investigating the automaker’s admission that it manipulating fuel-economy data.

The automaker confirmed the raid after the ministry on Wednesday said that it is probing the company’s facilities.

A Mitsubishi Motors spokeswoman said the raid would continue on Friday, but declined to give further details.

The Mitsubishi case comes close on the heels of the Volkswagen cheating scandal that became public in September 2015.

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