Mitsubishi Motors has been lying to customers about fuel economy tests for at least 25 years.
The Japanese automaker admitted on Tuesday that it has been falsifying fuel efficiency tests for the last quarter century.
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 at a record low.
Mitsubishi says it has lied about fuel tests on hundreds of thousands of vehicles. Those automobiles includes some that were sold to Nissan.
The company says vehicles affected by the cheating scandal were only sold in Japan.
Mitsubishi says it is hiring lawyers from outside of the company to investigate the tests to determine the true scope of the company’s lies.
Following its admission of guilt last week Japanese authorities raided the company’s corporate headquarters.
The company is scheduled to announce results on Wednesday. Because of the growing scandal the company will not include an earnings forecast during that call.
Mitsubishi’s announcement follows an emissions scandal that rocked Volkswagen while costing the company at least $18 billion.
Automakers have been fined in the past for lying about fuel economy tests in the US. Hyundai and Kia agreed to pay a combined $100 million for their own scandal.
Ford paid customers directly for lying about fuel economy tests on more than 200,000 vehicles in the US.