‘Mitsubishi scandal deepens after US regulator demands test data’:
The scandal engulfing Mitsubishi Motors has deepened, sending its shares to a new low after US authorities said they had requested information from the Japanese automotive group.
Shares in European carmakers Daimler, Peugeot and Volkswagen also dropped sharply as the industry’s emissions-fixing saga – which started with VW’s revelations last September that it had manipulated diesel emissions tests – intensified.
German carmaker Daimler, which owns Mercedes-Benz, fell more than 5% on Friday morning after announcing it had begun an investigation into its emissions testing at the request of the US Department of Justice.
Peugeot shares dropped 4.5% after French anti-fraud investigators raided the carmaker’s offices in Paris as part of a widening investigation linked to the VW emissions scandal. The French carmaker said its vehicles complied with emissions standards in all countries where it operates.
VW reached a deal in the US on Thursday that will involve it buying back or fixing nearly 600,000 cars rigged to cheat emissions tests. Its shares fell nearly 4% on Friday.
In Japan, Mitsubishi admitted this week that it manipulated test data to overstate the fuel efficiency of 625,000 cars and there are fears that more models may be involved. Government officials raided one of its offices on Thursday.
The scandal has wiped about 40% off Mitsubishi’s market value, amounting to losses of $3.2bn over three days. The shares fell nearly 14% on Friday, following declines of 20% on Thursday, when they were suspended, and 15% on Wednesday.
An official at the US National Highway Traffic Safety Administration told Reuters that the regulator had asked Mitsubishi for information on vehicles sold in the US.
Are any US manufacturers in the firing line for all this stuff? Obviously the uk does not make cars anymore (thanks Maggie), so we are ‘safe’, but is it just european and japanese manufacturers that are the problem here?