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Mitsubishi admits it lied about MPG ratings for all vehicles in Japan

Like the Volkswagen diesel emission scandal, news about Mitsubishi's lies over fuel-economy ratings for its Japanese market vehicles is going from bad to worse. First, it was just a few kei cars. Then it was vehicles made as far back as 1991. Now Mitsubishi has admitted deceptive mileage test data could affect every vehicle it has sold in Japan, but not vehicles sold elsewhere. We suspect that this will not cause the EPA to relax its request for more information from the Japanese automaker to see if any vehicles sold in the US are affected. Mitsubishi Motors North America has said its US numbers are legit. In a letter to the Japanese government, Mitsubishi said that even though its managers knew getting good fuel economy ratings was a difficult task, they didn't ask too many questions of the engineers actually doing the tests. That allowed those employees to fake some of the numbers. Exactly what the repercussions will be in Japan is not known, CBS News says, both in terms of fines or penalties and how to compensate people who bought these vehicles. Reports are also just coming in that the fuel scandal might lead to Nissan taking control of Mitsubishi. More on this as it develops. Related Video: News Source: CBS Government/Legal Green Mitsubishi Fuel Efficiency vw diesel scandal kei car scandal

Mitsubishi confirms pair of MiEV Evolution II electric racecars for Pikes Peak

Preparing for next month's Pikes Peak International Hill Climb, Mitsubishi - the presenting sponsor of this year's PPIHC - has unveiled its entrant for the race: the all-electric MiEV Evolution II. Building off last year's MiEV-inspired entrant, the Evolution II has received numerous improvements, including a more powerful electric drive system, a lower center of gravity and even a more traditional racecar look. Driving a pair of MiEV Evolution II models this year will be Hiroshi Masuoka from Mitsubishi vehicle development and six-time PPIHC motorcycle winner, Greg Tracy.
Both MiEV Evolution II racers employ a quartet of electric motors (last year's car used just three), and output has been increased from 280 kilowatts (375 horsepower) up to 400 KW (536 hp). For improved handling, the cars' lithium-ion battery packs help provide lower centers of gravity, and both Masuoka's and Tracy's cars have received active yaw control, stability control and redesigned anti-lock braking systems. Hopefully, this will help them stick to the mountain better. As previously mentioned, even their look has changed, with less of a wide-body i-MiEV feel and more of a racecar appearance. We think the finished product would actually make for a pretty cool Le Mans Prototype racer, or perhaps an electrically powered rival for trackday cars like those from Radical.

Mitsubishi hopes to raise $2.5B with stock sale

Mitsubishi, which dates all the way back to 1870, is one of the oldest business collectives in Japan. Today, the various businesses that share the Mitsubishi name are largely independent of each other. The automotive unit, however, has fallen on hard times over the past few years.
Back in 2004 and 2005, Mitsubishi Motors sold billions of preferred shares to sister companies like Mitsubishi UFJ Financial Group, Mitsubishi Heavy Industries and Mitsubishi Corp. Now the automaker is preparing to buy back those shares, only to raise the capital, it's selling $2.5 billion worth of shares, simultaneously paying stock dividends for the first time in over 16 years.
The stock issue will reportedly include as many as 241 million shares at a value of $10.73 each. The move is part of a long-term reorganization being implemented by the automaker's president Osamu Masuko, and is expected to help the company double its net income and eliminate all outstanding preferred shares by the end of the fiscal year closing in March.