Following Mitsubishi's admission of complicity in the mileage scandal, there may be a window of opportunity for Chinese firms to acquire the Japanese automaker now that its market value significantly plunged, according to China Daily.

"It may be a good opportunity for rich companies to buy the Japanese automaker or its technology," Yale Zhang, Automotive Foresight's managing director, said. "Its engines and SUV platforms are not bad."

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An article from Sohu.com written by Ou Duorui revealed that a Chinese giant automaker plans to purchase Mitsubishi with the help of foreign financial aid and law firms. Ou, however, failed to reveal further details about the possible deal.

Last month, Japanese officials raided Mitsubishi office for allegedly falsifying its fuel economy tests data for an estimated 600,000 cars. What's more, Mitsubishi officials shockingly admitted that the company has been using an inaccurate test method since 1991.

Just less than a week following its admission, Mitsubishi posted about $4 billion loss, while the company's shares nosedived to nearly half their value. However, Yutaka Tabata, the automaker's managing director, told Reuters that the company has sufficient cash ($4.23 billion) to cover the possible costs of correcting the fuel economy test data for the cars affected, which is estimated to reach $1 billion.

Tetsuro Aikawa, Mitsubishi president, has since apologized over the issue. "Customers bought our cars based on incorrect fuel-economy data. I can't help but apologize."

Although it is yet to be determined which cars were specifically affected, experts predict Mitsubishi sales in the mainland will dive. Zhang Zhiyong, an auto analyst from Beijing, said the scandal is another blow to the company's standing in China as it has previously been affected by safety defects issues.

Mitsubishi has since created a three-member committee to investigate the issue. The company has vowed to formally create a report and notify the public about the results of its investigation in a timely manner.

TagsMitsubishi, automobile industry, Tetsuro Aikawa, SUVs