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Suzuki Profits Plunge
Economy, Auto

Suzuki Profits Plunge

Suzuki shares dived 15% on Wednesday over reports that it may have used improper fuel-efficiency testing methods, as rival Japanese automaker Mitsubishi wrestles with a fuel-economy cheating scandal. The Tokyo-listed firm plunged to 2,450 yen ($22.40) in afternoon trading, as investors pressed the sell button on the small carmaker, which sells almost three million vehicles annually. Company Chairman Osamu Suzuki will visit the transport ministry to discuss the issue, a company spokesman said, without elaborating. Suzuki declined to comment on reports by public broadcaster NHK and Kyodo News agency, saying Suzuki was using a fuel-economy testing method that was different from one required by government regulators.

 

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