Mitsubishi has been altering Fuel Economy Data since 1991

[goodtofufriday]

This was JUST announced on the NHK channel.. Nissan is reported to be the ones that found them out and reported it all.

 

One partial Source: http://www.nbcnews.com/business/autos/mitsubishi-admits-it-has-falsified-mileage-data-1991-n562271

 

Quote

The automaker has said that it had been compiling data for fuel economy tests using U.S. standards, where higher-speed, highway driving is common, rather than Japanese standards, which are set to reflect driving in the city, where the need to stop more often means more fuel is used.

The company said on Tuesday that it had been submitting non-compliant data to Japan's transport ministry since 1991. Mitsubishi had previously only said such non-compliance went back to at least 2002.

Source: http://www.reuters.com/article/us-mitsubishimotors-regulations-idUSKCN0XN0DV

Quote

Ryugo Nakao, executive vice president, said Japanese regulations changed in 1991 to require testing methods to better reflect stop-and-go urban driving, but Mitsubishi Motors did not follow that rule change. "We should have switched, but it turns out we didn't," he said.

Source: http://www.thenational.ae/business/retail/mitsubishi-tampered-with-cars-mileage-data-as-far-back-as-1991

Quote

Shares in Mitsubishi Motors crashed again on Tuesday. The Tokyo-listed shares dived 9.58 per cent to close at ¥434. The stock has now plunged about 50 per cent since the first admission on Wednesday, wiping billions off the company’s value. Up to Friday’s close it had already lost US$3.2 billion off its market capitalisation.

Source: http://www.wsj.com/articles/mitsubishi-used-improper-fuel-economy-tests-for-some-cars-since-1991-1461657990

Quote

In Japan, a government agency tests cars on a treadmill-like machine to measure fuel economy, running under certain parameters. To set those parameters, the government relies on data submitted by the auto makers.

To collect this data for certain models, Mitsubishi said it had applied a method auto makers use in the U.S., which isn’t approved by Japanese regulators. The data show how much resistance a car faces from air and tires when it is running.

Mitsubishi said that the U.S. testing method allows it to gather more data with one test run, while the Japanese method requires more test runs to obtain similar data.

Mr. Nakao said it wasn’t clear how many models were affected and why the tests were done that way for so long.

 

But hot damn. This is a serious mess. Their stock is going to tank hard.

[ThinkWithPortals]

2 minutes ago, goodtofufriday said:

This was JUST announced on the NHK channel so there is no article to link yet, I will post one as soon as there is one. Nissan is reported to be the ones that found them out and reported it all.

 

But hot damn. This is a serious mess. Their stock is going to tank hard.

Oooh, they in trouble.

[Bensemus]

well shit...

 

[awesomeness10120]

Grab the popcorn and look at the stocks!

[Bensemus]

Quote

The transport ministry announced earlier in the day that it had set up a task force to examine how other automakers submit fuel economy data. Last week it ordered other domestic automakers to submit fuel economy test data by May 18.

I wonder how many other companies are going to come/forced out?

[GoodBytes]

24 minutes ago, goodtofufriday said:

fixed as I found a place to quote from.

Returned back. Thanks

[SurvivorNVL]

Well, of course.  All of them do.  It's just whether or not you can catch them and get proof of it.  

[TetraSky]

Hopefully they aren't the last ones to be found to cheat on this.

[vanished]

6 minutes ago, TetraSky said:

Hopefully they aren't the last ones to be found to cheat on this.

Well, hopefully they are.  I mean, if there are other cheaters I hope we find out but I hope there aren't any other cheaters

[NumLock21]

Steep drop is most likely when news got out

http://www.bloomberg.com/quote/8058:JP

 

[vanished]

6 minutes ago, NumLock21 said:

Steep drop is most likely when news got out

 

http://www.bloomberg.com/quote/8058:JP

 

That's like a 3% change... ie, nothing.  I would expect a slow decline similar to whatever happened to VW... it's probably still to come.

[Dabombinable]

Mitshushitty strikes again.

[Briggsy]

Mitsubishi has their fingers in everyones pie, especially yours! 

 

Joking aside, The Mitsubishi Group really are everywhere, and are a really old entity (circa 1870). some of the stuff they own/do is bizarre, like a very large pulp/paper mill in Alberta Canada for example (they sold it in 2015). I worked under their umbrella (not directly for them) for a time when I was younger, and I am honestly not surprised about this news article. I always got the feeling they followed a "rules are meant to be bent" mentality. 

[goodtofufriday]

Updated with more sources and info

[TheMcSame]

1 hour ago, NumLock21 said:

Steep drop is most likely when news got out

 

http://www.bloomberg.com/quote/8058:JP

EDIT: 

I may have found something interesting about that actually. Those stocks are for Mitsubishi Corp which is Mitsubishi's chemical division (I think). Mitsubishi Motors Corp will be the one that's effected (thus rendering what I previously posted pointless and wrong :D)

 

Here's the drop we were expecting to see.

 

 

And today's graph:

[Squirrel724]

As I have been saying as all the information has been coming out since VW was busted, the failure is not with the automakers, but with the test itself. It has become obvious that it is way to easy to cheat to pass the tests. VW honestly went a bit overboard with their cheat compared with Mitsubishi increasing tire pressures and Fiat reducing the performance of their cars for the 20 minutes the test lasts before restoring performance after 22 minutes. They need to stop focusing on how the automakers are breaking the rules to pass the test and instead focus on what needs to be changed on the test to make it harder, if not impossible to cheat.

[NumLock21]

Start of the day for them. Their stock went up.

[BuckGup]

Yeah climate change isn't as bad as we think

[Bensemus]

1 hour ago, Squirrel724 said:

As I have been saying as all the information has been coming out since VW was busted, the failure is not with the automakers, but with the test itself. It has become obvious that it is way to easy to cheat to pass the tests. VW honestly went a bit overboard with their cheat compared with Mitsubishi increasing tire pressures and Fiat reducing the performance of their cars for the 20 minutes the test lasts before restoring performance after 22 minutes. They need to stop focusing on how the automakers are breaking the rules to pass the test and instead focus on what needs to be changed on the test to make it harder, if not impossible to cheat.

Or they could just not cheat. That is an option. You can't take blame away from the companies for purposely misleading their customers and cheating on these tests. They are not young children that don't know better.

[Squirrel724]

38 minutes ago, Bensemus said:

Or they could just not cheat. That is an option. You can't take blame away from the companies for purposely misleading their customers and cheating on these tests. They are not young children that don't know better.

But you are talking about a company with the goal of making money. When given the option of spending tens of thousands of dollars per model developing emissions control systems or detuning the engine for the 20 minutes the test takes, they are going to take the cheaper option. Your average consumer doesn't care about the exact emissions their car produces until the media starts making a big deal about it. They would rather have a car that costs less and comes with Pandora.

[Bensemus]

3 hours ago, Squirrel724 said:

But you are talking about a company with the goal of making money. When given the option of spending tens of thousands of dollars per model developing emissions control systems or detuning the engine for the 20 minutes the test takes, they are going to take the cheaper option. Your average consumer doesn't care about the exact emissions their car produces until the media starts making a big deal about it. They would rather have a car that costs less and comes with Pandora

That is still arguing that they are expected to break the law. With that logic you could explain away anything. Pretty much everyone wants stuff that would be much easier to get if they broke the law. Most don't as they know it's wrong. Companies should work the same. It doesn't matter if they want to make money. There are laws that they are fully aware of that they need to follow. 

 

The emission tests are clear in what they need. The companies are making a clear choice to deceive their customers and shareholders. You say it's to make money but these companies lose massive amounts of money once they are caught.

[PlayStation 2]

how the fuck does a company lose $3.2 billion in the period of like 3 fucking days

[Belgarathian]

11 minutes ago, Dan Castellaneta said:

how the fuck does a company lose $3.2 billion in the period of like 3 fucking days

Company is still worth 449.49 Billion JPY it lost about 1/8th of it's market value. Investors/speculators will be guessing at the repercussions on MM's P&L and BS for the 2016/17 financial year.

[PlayStation 2]

Just now, Belgarathian said:

Company is still worth 449.49 Billion JPY it lost about 1/8th of it's market value. 

I'd say that's not too small but 1/8th isn't exactly chump change.

[vanished]

42 minutes ago, Dan Castellaneta said:

how the fuck does a company lose $3.2 billion in the period of like 3 fucking days

They didn't really "lose" that money, they're just worth less now.  Like when your currency plummets...