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Mitsubishi hopes to raise $2.5B with stock sale

Mitsubishi, which dates all the way back to 1870, is one of the oldest business collectives in Japan. Today, the various businesses that share the Mitsubishi name are largely independent of each other. The automotive unit, however, has fallen on hard times over the past few years.
Back in 2004 and 2005, Mitsubishi Motors sold billions of preferred shares to sister companies like Mitsubishi UFJ Financial Group, Mitsubishi Heavy Industries and Mitsubishi Corp. Now the automaker is preparing to buy back those shares, only to raise the capital, it's selling $2.5 billion worth of shares, simultaneously paying stock dividends for the first time in over 16 years.
The stock issue will reportedly include as many as 241 million shares at a value of $10.73 each. The move is part of a long-term reorganization being implemented by the automaker's president Osamu Masuko, and is expected to help the company double its net income and eliminate all outstanding preferred shares by the end of the fiscal year closing in March.

Recharge Wrap-up: Toyota FCV ready for production, Nissan tests Leaf-to-Home energy management

Toyota will begin selling its hydrogen fuel cell vehicle (FCV) in Japan in December. The US and Europe can expect to see the car become available next summer. The FCV, which will likely be called "Mirai" (meaning "future") in Japan, is ready for production ahead of its initial deadline at the end of the fiscal year in March. Toyota planned for annual production of 700 units, but might increase output to meet higher-than-expected demand, which is currently nearing 1,000 units. The cars will mostly be sold in the four cities where a hydrogen fueling infrastructure is already being put in place: Tokyo, Nagoya, Osaka and Fukuoka. Read more at Nikkei Asian Review. Nissan is testing the Leaf EV as part of an energy management system including "Leaf to Home" technology. The system allows the Leaf to help support the power grid during peak energy usage, or provide backup power to a home or building during outages, particularly in emergencies like natural disasters. Using the Leaf's battery to provide electricity during peak hours would lessen the demand on the grid and make the system work more efficiently. Furthermore, if consumers are compensated for the energy saved by using the Leaf for power during periods of high demand, it could encourage more people to adopt the EV. Learn more in the press release below. CDP has given Honda a perfect climate disclosure score in its Global 500 Climate Change Report for 2014. CDP keeps track of how much companies are disclosing about their impact on global climate change. "The need for data on corporate climate change impacts and strategies to reduce them has never been greater," says CDP CEO Paul Simpson. "For this reason we congratulate those businesses that have achieved a position on CDP's Climate Disclosure Leadership Index." Other perfect scores were earned by Nissan, BMW, Daimler and General Motors. Read more in the press release from Honda below. Scientists at Stanford University have developed a lithium ion battery that can warn users before it overheats. A thin layer of copper between the anode and the layer separating the anode from the cathode acts as a sensor. When it detects lithium buildups from overcharging are approaching the separator, it sends an early alert long before it gets to a point where it would cause a short (which could lead to a fire). The new safety measure could be used in all sorts of battery applications, and not be limited to EVs. Learn more at Phys.org.

Mitsubishi Outlander PHEV US launch delayed over battery shortage

Mitsubishi resumed full-scale battery production in August after a five-month shutdown due to a safety investigation. Supplier Lithium Energy Japan has been delivering 4,000 battery packs each month since September, but that's apparently still not enough to fill the overseas inventory pipeline for the Outlander PHEV and i subcompact EV while launching the Outlander PHEV here in the US. So instead of the previous tentative launch date of Fall 2014, the plug-in hybrid's Stateside on-sale date has been pushed back until 2015.
That's according to Automotive News, which also notes that Mitsubishi has sold 11,300 plug-in Outlanders this year, though that number reflects the production stoppage over the battery issues. As of April, battery supplier LEJ will be able to supply 5,000 packs per month just for the Outlander, but company president Osamu Masuko has gone on record saying that production will have to rise above that in order to make the US launch.
Every Mitsubishi dealer (and hopefully a fair number of consumers) will be looking forward to a crossover that, for the moment, doesn't really have natural rivals. The Outlander PHEV can drive 32 miles on electricity alone, has a top speed of 75 miles per hour in EV mode and offers all-wheel drive with a towing capacity of over 3,000 pounds. The model should get an impressive MPGe rating from the EPA when it finally arrives and it figures to be a bellwether for the plug-in Outlander Sport and Pajero utility vehicles that are expected to arrive after it. Hopefully 2015 will be its year.