Mitsubishi Motors’ Fuel Economy Testing Misconduct and Its Impact on Business Performance
First written in FY2016. 2 of 4 entries say "Materialised", first in FY2017-Q1. Latest entry: FY2019.
Mitsubishi Heavy Industries moved to the "Worse" side of this theme in 2016, 4 years before the typical company in this theme (2020).
The whole theme swung hardest in 2020: 8 of 12 companies on the "Worse" side.
1 other company's latest entry also says "Dropped".
- FY2019DroppedAnnual reportThe current filing contains no specific description of the impact on earnings from MITSUBISHI MOTORS CORPORATION's fuel-economy testing misconduct in the business and other risks section.
- FY2017-Q3MaterialisedAnnual report
「MITSUBISHI MOTORS CORPORATION, an equity-method affiliate of our company, was excluded from the scope of equity-method application during the first quarter of the current consolidated fiscal year because we lost significant influence. As an equity-method investment loss of ¥21.419 billion was recorded as a non-operating expense, among other factors, ordinary profit was ¥123.859 billion, or 70.8%, below the same quarter of the previous year.」
Even after MITSUBISHI MOTORS CORPORATION was excluded from equity-method application, an equity-method investment loss of ¥21.419 billion was recorded as a factor contributing to the deterioration in ordinary profit for the cumulative third-quarter period. - FY2017-Q1MaterialisedAnnual report
「MITSUBISHI MOTORS CORPORATION, an equity-method affiliate of our company, was excluded from the scope of equity-method application during the first quarter of the current consolidated fiscal year because we lost significant influence. An equity-method investment loss of ¥20.758 billion was recorded, among other factors, resulting in a deterioration of ¥78.234 billion from the same quarter of the previous year to an equity-method investment loss of ¥16.608 billion.」
We lost significant influence over MITSUBISHI MOTORS CORPORATION, and it was excluded from the scope of equity-method application. An equity-method investment loss of ¥20.758 billion was also recorded, making the financial impact of the existing risk concrete. - FY2016First statedAnnual report
「MITSUBISHI MOTORS CORPORATION (the "MITSUBISHI MOTORS CORPORATION") reported to the Ministry of Land, Infrastructure, Transport and Tourism on 20 April 2016 that fuel-economy test data had been manipulated to make fuel economy appear better than it actually was.」
As a subsequent event, misconduct occurred, and MITSUBISHI MOTORS CORPORATION announced that it expected to incur approximately ¥150 billion in extraordinary losses related to fuel-economy testing. The company stated that it was examining the impact on subsequent fiscal years.