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MMC Takes $173 Million Charge for Fuel Economy Scandal
Mitsubishi Motors Corp. has restated its financial results for the fiscal year ended March 31 to include a special charge of 19.1 billion yen ($173 million) for costs associated with its illegal rigging of fuel economy ratings for at least 625,000 minicars in Japan.
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Mitsubishi Motors Corp. has restated its financial results for the fiscal year ended March 31 to include a special charge of 19.1 billion yen ($173 million) for costs associated with its illegal rigging of fuel economy ratings for at least 625,000 minicars in Japan.
The revision reduces MMC’s net profit for the fiscal year to 73 billion yen ($658 million) from the 89 billion yen ($807 million) reported previously. The fuel economy scandal, which surfaced last month, has wiped out more than $3 billion in MMC’s market value.
The company has confirmed that Mitsuhiko Yamashita, a technology advisor to Nissan Motor Co., will take over as head of product development on June 24. Nissan is preparing to acquire a 33% controlling stake in MMC.
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