Mitsubishi’s Q1 Operating Profits Plummet 75% Due To Mileage Scandal

Since admitting to overstating fuel economy figures on some of their vehicles,

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by Sergiu Tudose

July 27, 2016 at 12:30

Since admitting to overstating fuel economy figures on some of their vehicles, Mitsubishi Motors’ operating profits for the first-quarter have gone down by a massive 75%.

The Japanese automaker posted an operating profit of 4.6 billion yen ($43.63 million) between the months of April and June of this year, down from 18.6 billion yen during the same period of last year. At the same time, revenue went down by 14%, reaching 428.7 billion yen.

As reported by Autonews, Mitsubishi is still expecting to see an annual net loss of 145 billion yen for the year to March, with its mileage-cheating scandal set to drag down operating profits by 82%.

The automaker stated that they’ve lost 125.9 billion yen in the first quarter alone as a result of the scandal.

With Mitsubishi having previously admitted they’ve been rigging fuel economy figures for the past 25 years, these types of massive drops in profits shouldn’t really come as a surprise.