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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Motors Corporation    7211   JP3899800001

MITSUBISHI MOTORS CORPORATION

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Mitsubishi denies fraud in German probe over devices to beat emissions tests

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01/30/2020 | 05:24am EDT
FILE PHOTO: 89th Geneva International Motor Show in Geneva

Mitsubishi Motors Corp said on Thursday there was no reason to believe it had committed fraud as suspected in a German investigation into the Japanese automaker over illegal emissions defeating devices used in its diesel vehicles.

The Japanese car maker is the latest manufacturer to be investigated on suspicion of hiding illegal levels of pollution following a regulatory clampdown on toxic fumes triggered by Volkswagen's 2015 admission that it had cheated emissions tests.

Mitsubishi said in a statement that none of the engines it makes and uses in its cars were equipped with "defeat devices", adding that the 1.6-litre diesel engines subject to the investigation, including its control system, were made by France's PSA Group.

A PSA spokesman confirmed that it is the maker of the engines in question and said it complies with homologation in every market where it operates.

Mitsubishi added that it would continue its own investigation into the matter, and cooperate with German prosecutors in their probe.

Last week, the Frankfurt Prosecutor's Office said officials were investigating an employee at an international car maker for fraud, as well as a unit of an international dealership company, and two auto suppliers over the cheating issue.

German auto supplier Continental has said it is a cooperating witness in the probe.

Dutch authorities also ruled last week that diesel models made by Fiat Chrysler Automobiles and Suzuki Motor Corp broke European emissions rules and must be fixed or face a ban on sales across the region.

Fiat declined to comment last week, and Suzuki said it was cooperating with Dutch authorities on the findings.

(Reporting by Naomi Tajitsu; Editing by Tom Hogue and David Evans)

Stocks mentioned in the article
ChangeLast1st jan.
CARDINAL HEALTH, INC. 2.09% 50.43 Delayed Quote.-2.33%
CARDLYTICS, INC. 1.84% 43.68 Delayed Quote.-31.77%
CONTINENTAL AG 4.19% 73.04 Delayed Quote.-36.63%
FIAT CHRYSLER AUTOMOBILES 5.06% 7.479 Delayed Quote.-46.61%
MITSUBISHI CORPORATION -0.69% 2216 End-of-day quote.-0.63%
MITSUBISHI MOTORS CORPORATION 1.95% 314 End-of-day quote.1.29%
PEUGEOT 0.64% 13.415 Real-time Quote.-37.02%
SUZUKI CO.,LTD. -2.41% 689 End-of-day quote.-2.55%
SUZUKI MOTOR CORPORATION 7.60% 3022 End-of-day quote.7.85%
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Financials (JPY)
Sales 2020 2 359 B
EBIT 2020 29 271 M
Net income 2020 7 338 M
Finance 2020 249 B
Yield 2020 6,03%
P/E ratio 2020 55,1x
P/E ratio 2021 22,9x
EV / Sales2020 0,09x
EV / Sales2021 0,12x
Capitalization 467 B
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Technical analysis trends MITSUBISHI MOTORS CORPORAT
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 15
Average target price 380,00  JPY
Last Close Price 314,00  JPY
Spread / Highest target 91,1%
Spread / Average Target 21,0%
Spread / Lowest Target -10,8%
EPS Revisions
Managers
NameTitle
Takao Kato Chief Executive Officer & Director
Osamu Masuko Chairman & Representative Executive Officer
Koji Ikeya CFO, Executive VP, Head-Finance & Accounting
Masao Kuruma Chief Information Officer & Executive Officer
Shunichi Miyanaga Outside Director
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