Mitsubishi cheating scandal: President Testuro Aikawa takes responsibility, to resign

Mitsubishi Motors Corp President Testuro Aikawa is stepping down to take responsibility for the mileage cheating scandal unfolding at the Japanese automaker.

Aikawa told reporters at the transport ministry on Wednesday he will see through the investigation of the scandal, which surfaced last month.

He appeared with Mitsubishi Chairman Osamu Masuko, who helped engineered a deal with Japanese rival Nissan Motor Co, to take a 34% stake in Mitsubishi for 237 billion yen ($2.2 billion).

Mitsubishi stock had plunged more than 30% after the scandal.

Nissan found the faked mileage tests because of a discrepancy with its own tests on Mitsubishi-manufactured minicar models with tiny engines that had been sold under the Nissan brand.

Mitsubishi says rigging goes back 25 years, and may involve all models, including discontinued ones.