Mitsubishi Motors says U.S. models compliant, shares regain some ground

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Mitsubishi Motors Corp (7211.T) said its vehicles sold in the United States from 2013 have accurate mileage readings, lowering the risk that its fuel economy cheating scandal in Japan may have a wider global impact.

Shares in the Japanese automaker surged 8 percent on Thursday, the first day of gains since the scandal erupted last week. But even so they have lost nearly half their market value or about $3.7 billion on fears of hefty compensation costs and fines.

It has admitted to manipulating test data for four domestic mini-vehicle models, including two it produced for Nissan Motor Co (7201.T) and has said that more models may also be non-compliant with Japanese regulations.

It compiled data for fuel economy tests using U.S. standards, where higher-speed, highway driving is common, rather than Japanese standards, where more prevalent city driving commonly consumes more fuel.

Mitsubishi’s North American unit said in a statement that it had re-tested vehicles for the model years 2013 to 2017 and found that their fuel economy readings were accurate.

Reuters

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