Mitsubishi Motors shares nosedived again Thursday as panic selling wiped about $2.5 billion off the automaker's market value in response to its shock admission that it cheated on fuel-efficiency tests.
The embarrassing revelation is the latest in a string of recent scandals to hit Japanese firms Jordan 21 For Sale Clearance , while German giant Volkswagen struggles to restore its badly dented reputation after a massive emissions scandal.
Japanese transport ministry officials raided a company research and development centre Thursday following the admission, as the government slammed the maker of Outlander sport utility vehicles and Lancer cars.
The embattled stock plunged to 583 yen ($5.31) in Tokyo, down 20 percent, after diving 15 percent on Wednesday when news of the fuel-cheating first broke.
The scandal has also raised questions about Mitsubishi's future as it faces the prospect of huge lawsuits and fines.
"This has critically damaged consumers' trust and it won't be tolerated Air Jordan 21 For Sale Womens ," top government spokesman Yoshihide Suga said Thursday. "It's an extremely serious issue."
Mitsubishi admitted Wednesday that unnamed employees rigged tests to make some of its cars seem more fuel-efficient than they were in reality.
The company said it would halt production and sales of the affected vehicle models -- mini-cars sold in Japan including some made for rival Nissan -- and warned that the number of cars involved in the scandal would likely rise.
Mitsubishi's top executive conceded Wednesday that the crisis would take a bite out of its bottom line, as the firm widens an internal probe to cars sold overseas.
"This is not a simple problem and we need time" to assess the impact, president Tetsuro Aikawa told a news briefing.
"But I'm sure there will be an impact. The damage will be big."
Company loyalty
The collapse of Mitsubishi's stock on Wednesday was its biggest one-day plunge since 2004.
At that time, Mitsubishi was struggling to launch a turnaround as it teetered on the edge of bankruptcy Jordan 21 For Sale Womens , hit by a lack of cash and a series of huge recalls linked to deadly defects.
Bailouts by the Mitsubishi group companies saved the automaker, which had covered up defects linked to flawed axles that could lead to wheels coming off the car.
Regulators must now deal harshly with Mitsubishi to ensure it overhauls a corporate culture that prizes unwavering loyalty to the company even more than many Japanese firms, likely a key driver in the latest cover-up, one expert said.
"Just as Volkswagen got slapped with very severe sanctions...Mitsubishi also needs to face tough measures so it's guaranteed that the company will change Real Air Jordan 21 For Sale ," said Hideyuki Kobayashi, a business professor at Hitotsubashi University, who authored a book about the company's struggles a decade ago.
The falsified figures were discovered after Nissan found inconsistencies in fuel-economy data.
Japan's number-two automaker said it would halt sales of the affected mini-cars, but added that it had no immediate plans to change its business relationship with Mitsubishi.
Mini-cars Real Jordan 21 For Sale , or kei-cars, are small vehicles with 660cc gasoline engines that are hugely popular in the Japanese market, although they have found little success abroad.
Mitsubishi sold more than a million vehicles at home and overseas in its latest fiscal year.
The incident is another black eye for Japan Inc. after auto parts giant Takata plunged into crisis after an exploding air bag defect was linked to at least 11 deaths.
Vast conglomerate Toshiba is trying to recover from a huge accounting scandal.
Volkswagen, meanwhile Air Jordan 21 For Sale , has been hammered by the global scandal that erupted when it emerged that it had installed emissions-cheating software in 11 million diesel engines worldwide.
South Korean automakers Hyundai and Kia in 2014 agreed to pay $100 million to settle a US government investigation into exaggerated fuel efficiency on 2012 and 2013 car models sold in the United States.
By Ai Fumei
RIO DE JANEIRO, June 28 (Xinhua) -- Teams from the Americas hold an upper hand midway through the Brazil World Cup with eight of 10 sides securing berths in the knockout stages, whereas 13 Europeans representatives only managed six.
From traditional powerhouses of Brazil, Argentina Jordan 21 For Sale , Uruguay and Mexico to stunners Costa Rica and Colombia, down to Chile and the United States, American teams defended "home soil" advantage, mostly outplaying their European counterparts during the group stage.
Among them Air Jordan 20 For Sale Clearance , Costa Rica is the convincing winner. Seen as an easy opponent in Group D and without any star player, the Central Americans would have completed a hat-trick of victories over three former world champions if they had not ended in a stalemate with England.
In the end, Costa Rica, whose only other appearance in the knockout phase dates back to its World Cup debut in 1990 Jordan 20 For Sale Clearance , collected seven points and now is preparing for the next round.
Colombia from South America also notched the top place in Group C with three consecutive wins without injured Radamel Falcao and Uruguay pushed out Italy with a 1-0 win in a do-or-die game.
In contrast, only half of European teams made it through to the last 16, with defending champion Spain and England out of contention after just two games and Italy joining them earlier than expected.
No wonder that the World Cup has been compared to Copa Amercia.
Brazilian President Dilma Rousseff praised the Latin American teams, saying "the amount of Latin American teams with good chances in the Cup Air Jordan 20 For Sale Womens , good teams, is huge. It is beautiful to see Latin America so strong."
It's not an easy task for American teams to emerge victoriously. Although
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