'We have been cheating with fuel economy figures for 25 YEARS' - automaker admits

DailyMail reports that this admission was only made after Nissan accused the firm of manipulating figures for 600,000 cars sold in Japan.

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This accusation led to an internal investigation, which showed that the car maker has been cheating with some of its models since 1991.

In light of this embarrassing scandal, the President, Tetsuro Aikawa says he feels responsible, adding that he is still waiting for more information.

"We don't know the whole picture and we are in the process of trying to determine that. I feel a great responsibility," he said at a press conference.

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Lance Bradley, managing director of Mitsubishi Motors in the UK, tried to allay the fears of British customers by saying:

"Mitsubishi Motors Corporation has acted quickly and decisively. We understand that such issues are of great concern to consumers. I would like to reassure everyone that there is no evidence to suggest that UK or European models are affected."

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So far, this admission has resulted in 50 per cent loss of its value.

Reports say it will only get worse.