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Mitsubishi Motors halts some SUV sales in Japan as MPG scandal grows

Mitsubishi's fuel-economy scandal is going from bad to worse. First, the Japanese automaker claimed it lied about the fuel economy for a few kei cars, then it claimed fuel economy tests for as far back as 1991 could reveal mile-per-gallon figures that were tampered with. In May the automaker, admitted that every single vehicle it's sold in Japan could be affected by the fuel-economy scandal. Now, the Japanese automaker revealed that more of its vehicles were involved in the fuel-economy cheating scandal – and one of them is sold in the US. After completing its investigation into the automaker's fuel-economy scandal, Japan's Transport Ministry found that Mitsubishi overstated the fuel economy for eight more vehicles in marketing brochures, one of which is sold as the Outlander Sport in the US, reports Automotive News. The Transport Ministry ordered Mitsubishi to stop domestic sales of the models, which include the Pajero, Outlander, and RVR SUV (known as the Outlander Sport in the US). The latest finding adds to four kei cars that were previously noted for having overstated fuel economy figures earlier this year. Japan's sixth-largest automaker is having a hard time recuperating since the scandal broke earlier this April. The initial scandal led to the automaker suspending its sales, which caused a large dip in the automaker's market value. The scandal required Mitsubishi to seek financial assistance from Nissan, which agreed to buy a controlling 34-percent stake for $2.2 billion. Investigators hired by Mitsubishi to look into the automaker's overstated fuel economy figures revealed the company's "corporate culture" as the issue. More specifically, the investigators founds the company's pressure to improve fuel-efficiency figures, a lack of unity between divisions, and an unwillingness to accept fuel economy shortfalls as the reason for falsifying its vehicles' mpg figures. Mitsubishi is expected to compensate Japanese owners for the overstated fuel economy figures, which would result in a massive loss for the automaker. The company is expected to post a net loss of roughly $1.4 billion this year, pushing Mitsubishi into the red for the first time in approximately eight years. Related Video: News Source: Automotive News-sub.req.Image Credit: Tomohiro Ohsumi / Bloomberg via Getty Images Government/Legal Green Mitsubishi Nissan Fuel Efficiency kei car scandal

Nissan reports $4.13B net income for 2012

The news for Nissan is good when it comes to the company's results for the 2012 financial year that ended on March 31. Even though the numbers were down in many of the world's major markets, increased sales in the US, Brazil and the Middle East, ten new models and a strong fourth quarter allowed Nissan to hit its target for the year and notch record sales of 4.914 million units globally. On net revenue of $116 billion, Nissan posted net income of $4.13 billion and an operating profit of $6.31 billion.
There are upward-looking projections for this year, Nissan forecasting a 7.8-percent jump in sales to 5.3 million units, with $117.89 billion in net revenue and $4.42 billion in net income. That net revenue number probably won't actually match what's reported next year, though, because Nissan is changing its accounting method and won't include revenue and operating profit results from its joint venture with China's Dongfeng. Net income doesn't change under the new method, but the adjusted net revenue forecast is $109.16 billion.
There's a press release and two videos below with more details for those of you who go gaga for annual reports.

Recharge Wrap-up: Formula E's other events, continued record EV sales

Formula E wants fans to know that it is more than just a race. During each ePrix weekend, the electric race series hosts a variety of events. For each race, Formula E sets up an eVillage where fans can meet drivers and get autographs, learn about electric vehicles, spectate Formula E's School Series races, enjoy live music and dance performances, play games, eat food and take part in numerous other activities that don't make their way into the television broadcast. Or course, though, the race is always the main event. See more in the video above. Electric vehicles enjoyed a fourth straight month of record sales in February. Despite low oil prices, customers bought an estimated 7,881 EVs last month, up 13 percent from a year before. 52 percent of those sales were battery electric vehicles, while the rest were plug-in hybrids. BMW i3 sales dropped 77 percent over a year ago, selling 248 cars. The Tesla Model S and Chevrolet Volt sold the most, while the Ford Fusion Energi outsold the Nissan Leaf for the first time. The Audi A3 E-Tron sold 248 units (same as the BMW i3) despite low inventory. Read more at Inside EVs. Renault more than doubled its EV sales in January compared to a year before. Sales were up 104 percent, at 1,886 units (1,977 if you include the Twizy). This January marked higher EV sales for Renault than the three previous years. The biggest selling Renault EV, which also happened to be Europe's best selling EV, was the Renault Zoe, up 105 percent at 1,416 units sold. Read more at Inside EVs. Nissan's "No Charge to Charge" promotion has expanded to Orlando, Florida. This is the 27th market in the US to offer free charging to Nissan Leaf customers. Buyers and lessees get two years of free charging with an EZ-Charge card, which works with AeroVironment, Blink, ChargePoint, Greenlots and NRG eVgo charging networks. "Significantly lower operating costs and a fun-to-drive nature make owning the all-electric Leaf a cost-effective and convenient choice for Orlando residents," says Nissan EV Sales & Marketing Director Andrew Speaker. Read more in the press release below. Nissan's "No Charge to Charge" program increases to 27 cities in the U.S. with the addition of Orlando Free public, electric vehicle charging now offered to new Nissan LEAF buyers in the Orlando metro area ORLANDO – Nissan's "No Charge to Charge" promotion has officially arrived to the Sunshine State.