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Mitsubishi North America distances itself from mileage scandal

Mitsubishi's US operations are keen to distance themselves from the falsified fuel mileage scandal that has brought the whole of Mitsubishi Motors under scrutiny. In a statement released Thursday, MMNA announced that the internal audit of US market vehicles dating back to 2013 has uncovered no wrongdoings. Mitsubishi Motors R&D North America has verified the data previously submitted to EPA, and no vehicles sold in the US from 2013 to 2017 are affected with the fuel data irregularities. According to Mitsubishi, the testing data for the US market vehicles complies with EPA procedures and a different method is used in the United States than Japan to gather fuel mileage figures – something the EPA calls "Road Load Coefficient," and the data is independently verified before submitting. So far, the scandal seems to center on Japanese market cars, even if the findings date back to 1991. Related Video: Mitsubishi Motors North America Statement Regarding Fuel Consumption Testing Data April 27, 2016 Mitsubishi Motors Corporation in Tokyo recently announced irregularities concerning fuel consumption testing data. To confirm that U.S. market vehicles are not affected by this issue, Mitsubishi Motors R&D America, Inc., working together with Mitsubishi Motors Corporation, proactively conducted an internal audit of U.S. market vehicles going back several model years to check previously submitted data to the EPA. After a thorough review of all 2013MY – 2017MY vehicles sold in the United States, we have determined that none of these vehicles are affected. Our findings confirm that fuel economy testing data for these U.S. market vehicles is accurate and complies with established EPA procedures. An entirely different system is used for the United States market to determine what the EPA calls Road Load Coefficient, strictly adhering to EPA procedures. The data generated is then independently verified for its accuracy before being submitted to the EPA for their fuel economy testing. MMNA has shared this information with EPA, California Air Resources Board and DOT. Mitsubishi Motors Corporation has acted quickly to address this issue and is putting in place a committee of external experts to thoroughly and objectively continue this investigation. The results of the investigation, once completed, will be made public.

2017 Mitsubishi Mirage: Hey, it sort of looks better

I've never really been too kind to the Mitsubishi Mirage. Sure, its bargain-basement MSRP is appealing, and there's plenty of content within. But in the end, it's just sort of a dumpy little thing. Thankfully, Mitsubishi is offering a number of updates for the 2017 model year, and the redone Mirage shows its freshened face to the world at the 2015 LA Auto Show. First and foremost, it looks better. There's some more assertive styling baked into the nose, including LED running lamps and a stylized lower grille. That said, it's the same ol' Mirage out back. Inside, a number of new fabrics and trim pieces are found throughout the cabin, and the infotainment system is updated to include the popular Apple CarPlay and Android Auto apps. Mitsubishi's wheezy little three-cylinder still resides underhood, making 78 horsepower and 74 pound-feet of torque. That's actually four more horsepower than last year's car, but I'm sure the Mirage will continue to sprint at its usual, glacial pace. Overall drivability might see an improvement, too, as Mitsubishi is fitting larger brakes and a retuned suspension. I'll be sure to give the Mirage a fair shake next year. Until then, I'll just gaze lovingly into the purple hatch's new eyes, in the gallery above. THE 2017 MITSUBISHI MIRAGE: NEW EXTERIOR DESIGN AND ADDED PERFORMANCE ENHANCEMENTS - The new Mitsubishi Mirage continues to deliver outstanding fuel economy - 2017 Mirage will feature Android Auto™ and Apple CarPlay™ - Attractive pricing and 10-year warranty distances the competition CYPRESS, Calif. Nov. 18, 2015 – Mitsubishi Motors North America, Inc. (MMNA) today announced details for the fuel-efficient 2017 Mitsubishi Mirage featuring a new exterior design, improved performance and enhanced interior appeal. Despite all that is new for Mirage in 2017, a few things didn't change at all—Mirage still offers impressive fuel economy, attractive pricing and industry leading new vehicle and powertrain warranties. The Mitsubishi Mirage hatchback will be available at dealers in spring 2016. "Mirage has gained popularity with its affordable and practical appeal," said Don Swearingen, executive vice president, MNNA. "Mirage owners are looking for a vehicle that does its job well and is reliable. The Mirage continues to deliver all of those attributes, and the improvements to the 2017 model year will expand the Mirage's appeal even more." The changes for the 2017 model year are led with the new exterior design.

Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.