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Mitsubishi Motors' shares drop after German authorities stage raid

Japanese automaker investigated over alleged 'defeat devices' on emissions tests

This is the first time a Japanese automaker has been probed by German prosecutors over suspicions of exhaust gas fraud.

FRANKFURT, Germany -- Prosecutors raided 10 locations in Germany related to Japanese automaker Mitsubishi Motors over suspicions that illegal "defeat devices" were installed on several diesel models to cheat on emissions tests, German authorities said Tuesday.

In Tokyo, the company's shares fell in Wednesday trading.

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