Japan's Mitsubishi Motors to resume sales after latest cheating scandal
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- S&P 500 ends up slightly with boost from financials; Netflix up late
- Nestle Said Examining Takeover of Mead Johnson (MJN) - Source
- La Quinta Holdings (LQ) Gains on Plan to Split in Two
- After-Hours Stock Movers 01/18: (OCLR) (CSX) (NFLX) Higher; (AMDA) (RCII) (ZYNE) Lower (more...)
A Mitsubishi Motors logo is seen on media day at the Paris auto show, in Paris, France, September 29, 2016. REUTERS/Benoit Tessier
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
TOKYO (Reuters) - Japanese automaker Mitsubishi Motors Corp <7211.T> will resume domestic sales of eight vehicle models on Oct. 1, the company said on Friday, after correcting overstated mileage readings in its second cheating scandal this year.
Japan's sixth largest automaker has admitted it falsified the mileage on 12 models, including the Pajero and Outlander SUV, taking a blow to its reputation.
The latest suspension came after a two-month suspension in sales of four minivehicle models this year, including two produced for Nissan Motor Co. <7201.T>, following the initial admission of incorrect fuel economy readings.
The market value of the company has tumbled since that scandal broke, prompting it to seek financial assistance from Nissan, which agreed to buy a controlling one-third stake for $2.2 billion.
Japan is Mitsubishi's fifth-largest market, following markets including Asia ex-Japan, Europe and other regions. Its home country comprised roughly 10 percent of its vehicle sales during 2015/16.
(Reporting by Maki Shiraki and Naomi Tajitsu; Editing by Clarence Fernandez)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Banks face talent crisis amid mounting costs of employee turnover: report
- Murder of Mexican activist triggers calls for better protection of campaigners
- China says police and judges need absolute loyalty to party
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!