Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News Mexico
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • Car Cutaways
    • Environment/Emissions
    • Sales By Market
    • Sales and Retail
    • Latest Launches
    • On The Move
    • Aston Martin is not looking for new shareholders, CEO says
      volvoxc40bev-driver-side-charging-05.jpg
      How Tesla influenced a key element of Volvo’s first EV
      Dongfeng plans partial sale of PSA stake, report says
      waymo.jpg
      Waymo's robotaxi service tops 100,000 rides
    • 1STRIKERS-MAIN_i.jpg
      Automakers are cutting 80,000 jobs globally as EV shift upends industry
      U.S. has not ruled out tariffs on imported cars, commerce chief says
      Germany's auto industry jobs boom comes to a halt
      Germany's VDA auto lobby will pick former utility manager Mueller as president, report says
    • Suppliers to the new Ford Focus
      adient-main_i.jpg
      Adient will reach breakeven by 2020, CEO says
      BMW badges 3 web.jpg
      BMW sues Valeo, Denso over price fixing
      Bosch logo.jpg
      Bosch will develop fuel cell batteries in China
    • Suppliers to the new Ford Focus
      Suppliers to the new Lamborghini Urus
      Suppliers to the new BMW X2
      Suppliers to the Dacia Duster
    • Tesla, Porsche, Audi and VW gain as German sales rise 10% in November
      Italy sales rise 2% in November on self registrations
      Russia will support car sales with $78M loan subsidies, reports say
      European sales rise 9% in October, driven by WLTP rebound
    • UK sales fall 1% in November
      Tesla, Porsche, Audi and VW gain as German sales rise 10% in November
      Italy sales rise 2% in November on self registrations
      McLaren looks to Asia, hybrids as it moves toward potential public offering
    • ELVA-MAIN_i.jpg
      McLaren harnesses the magic of its limited runs
      Porsche promotes Taycan's Tesla-topping recharge speed
      Kia bullish on newest member of Ceed range
      Polestar 1 sets standard for 2-year-old brand
    • VW Group shakes up design leadership
      Sato
      Chief engineer appointed to lead Lexus
      German auto lobby picks utilities expert as new head
      Redesigned Land Rovoer Discovery Sport at Guangzhou aut show.jpg
      Jaguar Land Rover names new China sales chief
  • Auto Shows
    • Geneva Auto Show
    • Frankfurt Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
    • Genesis logo web.jpg
      Hyundai's Genesis preps Geneva show appearance
      Rimac readies 1,914-hp EV hypercar for Geneva debut
      Tesla Model S gets wagon makeover
      Lamborghini Aventador replacement will be a hybrid
    • Frankfurt show's visitor plunge could mean its end
      Frankfurt's no-shows, darkened halls signal an industry in flux
      German industry faces an image crisis amid falling sales
      Frankfurt hits and misses
    • Lamborghini concept hints at move to less extreme looks
      view gallery
      8 photos
      VinFast Lux A2.0 sedan
      Vietnam's first automaker now has names for first sedan, SUV
      view gallery
      8 photos
      VinFast Lux SA2.0 SUV
    • VW will launch SOL EV brand in China with subcompact crossover
      view gallery
      9 photos
      BMW will export iX3 electric SUV to Europe, U.S. from China
      view gallery
      9 photos
      BMW's iX3 concept heralds electric expansion
      view gallery
      5 photos
      Audi Q5L
    • Pininfarina to expand China team despite market downturn
      Return of the bench seat? Concept EVs show space big enough for sofas
      Lexus plans its first EV for Europe, China push
      Chinese automaker will shun dealers in Europe, U.S. markets
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
    • volvoxc40bev-driver-side-charging-05.jpg
      How Tesla influenced a key element of Volvo’s first EV
      Alfa Romeo could be Tavares' toughest turnaround
      Formula E races to keep pace with EV technology
      Why Bosch bet big on breakeven chips
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
    • view gallery
      11 photos
      Renault Captur
      view gallery
      5 photos
      Mercedes-Benz AMG GLB 53
      view gallery
      10 photos
      Mercedes-AMG GLE 53 Coupe
      view gallery
      14 photos
      Mercedes-Benz GLE Coupe
    • view gallery
      8 photos
      VinFast Lux SA2.0 SUV
      view gallery
      8 photos
      VinFast Lux A2.0 sedan
      view gallery
      7 photos
      Toyota Corolla station wagon
      view gallery
      9 photos
      Seat Tarraco
    • view gallery
      4 photos
      Nio ET Preview
      view gallery
      7 photos
      Infiniti Qs Inspiration concept
      view gallery
      5 photos
      BMW 3-series LWB
      view gallery
      9 photos
      Mini Clubman
  • Maps
    • E-Car & Component Map of Europe
    • Powertrain Map of Europe
    • Assembly Plant Map of Europe
  • Supplements
    • Connected Car
    • Talk From The Top
    • BMW 100
    • Car Cutaways
  • EVENTS
    • Automotive News Europe Congress
    • Rising Stars
    • Eurostars
    • Leading Women
    • Meet the winners
  • E-MAGAZINE
    • Read the latest issue
    • Download the app
    • Digital Archives
    • Subscribe
  • More
    • Social Media
    • E-Magazine
    • Contact Us
    • 2019 Media Kit
    • About Us
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automotive News Europe
April 27, 2016 01:00 AM

Mitsubishi COO denies he and CEO plan to step down

Naomi Tajitsu
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Reuters

    TOKYO -- Mitsubishi Motors Chief Operating Officer Tetsuro Aikawa today denied Japanese media reports that he and CEO Osamu Masuko plan to resign over the Japanese automaker's manipulation of fuel economy data. Aikawa added that he had "absolutely no plans" to pull out of the automotive market.

    The scandal has halved the company's market value in a week.

    "It's my responsibility and my mission to put the company on track to recovery. Beyond that, I haven't had a chance to even consider" the possibility of resigning, Aikawa said, calling the reports "based on speculation."

    Japanese media reported the information on Wednesday. The Yomiuri daily said Masuko had already told some affiliated dealers and partsmakers of his intention to resign. Separately, the Mainichi daily reported Aikawa has decided to step down.

    Mitsubishi said Wednesday that Japanese orders for its cars have halved since it revealed last week it cheated on fuel economy tests, intensifying concerns over its prospects given an already checkered history of scandals.

    The automaker said it may approach its financial backers, which include other Mitsubishi Group companies, for assistance if necessary, but its financial position is strong and it sees no need for fresh funding for now.

    The company said last week it had manipulated mileage test data for four domestic mini-vehicle models, including two it produced for Nissan. This week, it admitted that it used fuel economy testing methods that didn't comply with Japanese regulations for as many as 25 years, far longer than previously known. It has also said more models may have used those non-compliant tests.

    $1 billion bill

    Having admitted to overstating the fuel economy of its mini-vehicles, Mitsubishi Motors may face a bill of close to $1 billion, according to Nomura analysts, to compensate drivers, re-pay government tax rebates and other payments -- assuming a cost of 68,000 to 166,000 yen ($611 to $1,491) per car, times the 625,000 cars so far affected. Goldman Sachs estimates a potential cost of up to 200,000 yen per car.

    Mitsubishi Motors has launched an external investigation into its latest misconduct, which has revived memories of a scandal more than 15 years ago in which it admitted systematically covering up customer complaints for more than two decades.

    Several years later, it had another setback when its truck affiliate admitted to concealing information about potentially dangerous defects, although it managed to secure a bailout that was part-funded by other Mitsubishi companies.

    Senior officials at firms in the Mitsubishi group say it would be difficult for them to help the carmaker this time, if needed, as they face their own financial squeeze, as well as calls to put shareholder returns above ties with the former Mitsubishi business empire.

    Mitsubishi Motors said operating profit for the financial year just ended inched up 1.8 percent to 138.4 billion yen ($1.2 billion), while revenue climbed 4 percent. It gave no earnings guidance for the current financial year given the uncertainty over the mileage cheating scandal.

    Monthly E-Magazine
    View latest issue
    See our archive
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Automotive News Europe Monthly E-Magazine

    Sign up to receive your free link to each monthly issue of Automotive News Europe as soon as it's published.

    GET THE E-MAGAZINE
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • 2019 Media Kit
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    Automotive News Europe
    Copyright © 1996-2019. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • Car Cutaways
      • Environment/Emissions
      • Sales By Market
      • Sales and Retail
      • Latest Launches
      • On The Move
    • Auto Shows
      • Geneva Auto Show
      • Frankfurt Auto Show
      • Paris Auto Show
      • Beijing Auto Show
      • Shanghai Auto Show
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Maps
      • E-Car & Component Map of Europe
      • Powertrain Map of Europe
      • Assembly Plant Map of Europe
    • Supplements
      • Connected Car
      • Talk From The Top
      • BMW 100
      • Car Cutaways
    • EVENTS
      • Automotive News Europe Congress
      • Rising Stars
        • Meet the winners
      • Eurostars
      • Leading Women
    • E-MAGAZINE
      • Read the latest issue
      • Download the app
      • Digital Archives
      • Subscribe
    • More
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • E-Magazine
      • Contact Us
      • 2019 Media Kit
      • About Us