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Mitsubishi New-Car Orders in Japan Plunge 50%
Mitsubishi Motors Corp. says orders for its cars in Japan have plummeted about 50% since the company admitted a week ago it has manipulated fuel economy ratings for some vehicles over the past 25 years.
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Mitsubishi Motors Corp. says orders for its cars in Japan have plummeted about 50% since the company admitted a week ago it has manipulated fuel economy ratings for some vehicles over the past 25 years.
The scandal is certain to bruise earnings for the fiscal year that began April 1. MMC had planned on Wednesday to provide an earnings estimate but now says it won’t do so until the magnitude of the crisis becomes clear.
In the meantime, the company tells reporters it has 453 billion yen ($4.1 billion) in cash and less than 30 billion yen ($275 million) in interest-bearing liabilities. MMC says it will continue with plans to open a new assembly plant in Indonesia a year from now.
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