Nissan shares sink amid emissions fraud admission

Nisan shares closed lower Monday after the Japanese car maker admitted to fraudulent emission and fuel economy testing at a number of its factories.

Nissan shares sink amid emissions fraud admission

Nissan shares ended lower Monday, after the carmaker admitted it had found fraudulent emissions testing activity at a  number of its Japanese factories. However, Nissan also states that all of its cars perform in line within the advertised fuel economy and emission details.

Nissan shares ended the Monday Asian trading session 4.56% lower at JPY1,004. The stock has been trending downwards for the past few weeks.

Nissan issues new statement on findings

Earlier Monday, Nissan issued a statement on the findings of widespread fraudulent activity with regards to emissions and fuel efficiency testing.

“As part of a check of exhaust emissions and fuel economy measurement tests within the kanken, Nissan discovered the following misconduct carried out for vehicles produced at its domestic vehicle production plants and those of affiliates, excepting Nissan Motor Kyushu.

1) Performance of exhaust emissions and fuel economy tests that deviated from the prescribed testing environment.

2) Creation of inspection reports based on altered measurement values,” Nissan said in a press release.

Nissan added that it had already reported these details to the Japanese Ministry of Land, Infrastructure, Transport and Tourism.

These findings were part of an internal investigation, although it’s unclear exactly what – if anything – prompted the timing of it.

New, preventative measures

Nissan said it has now appointed a law firm, Nishimura and Asahi, to conduct a thorough investigation into the emissions and fuel economy testing issues. The results will then be used to ensure new, preventative measures are installed to avoid further, similar problems.

Ahead of those preventative measures, Nissan added it has re-tested and verified that all of its vehicles operate within the advertised emissions and fuel economy details.

“Following re-verification of reliable log data, Nissan has confirmed that all vehicles produced, excepting GT-R, conform to Japanese safety standards and also that the Nissan vehicle-type approval average measurement values guarantee the catalog specifications for exhaust emissions,” the car maker said.

“Similarly, Nissan has also re-verified log data to confirm that all models subject to sampling tests guarantee the Nissan catalog specifications for fuel economy, meaning there are no errors within the fuel economy figures disclosed by Nissan,” it added.

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