🔮 Better than the Oracle? Our Fair Value found this +42% bagger 5 months before Buffett bought itRead More

Mitsubishi Motors Japan sales extend slide after mileage scandal

Published 29/06/2016, 11:31
© Reuters. A man walks in front of an entrance of Mitsubishi Motors Corp's headquarters in Tokyo, Japan
7201
-
7211
-
7269
-

TOKYO (Reuters) - Domestic vehicle sales at Mitsubishi Motors Corp (T:7211) roughly halved in May for the second straight month as demand continued to fall after the Japanese automaker admitted to overstating the mileage of four mini vehicles it produced.

Sales at Nissan Motor Co Ltd (T:7201) also suffered, led by mini vehicles, or "kei" cars, as the company markets two of the affected models supplied by Mitsubishi Motors.

Sales of the four models have been stopped since Mitsubishi in April admitted to the falsification. The company has said it plans to resume production early next month, after Japan's transport ministry said the classification of the vehicles had not been affected by the issue.

Mitsubishi said overall domestic sales for last month fell 51.6 percent from a year earlier, led by a 75.0 percent tumble in sales of mini vehicles. Domestic production slumped 39.8 percent on the year.

Domestic sales at Nissan fell 26.2 percent in May from last year, led by a 76.8 percent fall in mini vehicles.

© Reuters. A man walks in front of an entrance of Mitsubishi Motors Corp's headquarters in Tokyo, Japan

Suzuki Motor Corp (T:7269), which last month admitted to using incorrect data to calculate mileage for many of its mini vehicles, reported a fall of 6.6 percent in overall domestic sales, after mini vehicle sales fell 15.4 percent.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.