The situation at Mitsubishi Motors just went from bad to much, much worse.
The Japanese automaker admitted Tuesday that it had falsified fuel efficiency tests for the past quarter century, the latest revelation in a scandal that has rocked the company.
Investors responded by pushing Mitsubishi shares down by 10%. The fuel test scandal has now erased half of the company's market value, and its shares are sitting at a record low.
But the duration of improper testing disclosed by the company Tuesday was much broader than previously known.
Cars with inflated fuel efficiency ratings were sold only in Japan. Mitsubishi said it would ask lawyers from outside the company to investigate the tests.