(Bloomberg) – Mitsubishi Motors Corp. said it has improperly tested the fuel economy of its cars for the past quarter century, deepening a crisis that's already wiped out half its market value.
The automaker formed a panel of three former prosecutors to investigate improper testing that goes back as far back as 1991, including the falsification of fuel efficiency data, according to a statement Tuesday. The company said last week it hadn't been complying with Japanese testing standards since 2002.
"Customers bought our cars based on incorrect fuel-economy data," President Tetsuro Aikawa told reporters during a press conference Tuesday. "I can't help but apologize."
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