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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.

Mitsubishi Outlander PHEV production restarts after five-month delay

Back in March, production of both the Mitsubishi Outlander plug-in hybrid and the all-electric i-MiEV ground to a halt over a pair of incidents where overheated lithium-ion batteries caused vehicle fires. Following the rocky start, The Japan Times is reporting that production of the Outlander PHEV has recommenced following the five-month stoppage.
The battery fires were tracked down to a supplier issue before more than 4,300 vehicles were recalled in June, but Mitsubishi received heavy criticism from the Japanese government for the delayed recall. According to the report, though, that hasn't slow down enthusiasm for the plug-in crossover - Mitsubishi has received close to 18,000 for the Outlander PHEV. To keep up with demand, the automaker is planning to double production to 4,000 units a month.

2014 Mitsubishi Mirage to carry $12,995 price tag*

If you've only got about twelve grand to spend on a car and you want something new, you've got options, but not many: You can get a Nissan Versa sedan for $11,900, a base Chevrolet Spark hatchback for $12,170, or - as Mitsubishi has just announced - a 2014 Mirage for $12,995.
Not only does that make it one of the cheapest new cars you can buy, but Mitsubishi also claims it's "the most fuel-efficient gasoline-powered non-hybrid vehicle in America," carrying an EPA highway fuel economy rating of 44 miles per gallon. But then that rating is for the CVT model, which will cost you an extra grand over the base five-speed manual version. The bog-standard DE model comes with features including automatic climate control, keyless entry and seven airbags, but for another $1,200 (with either transmission) you can upgrade to ES trim with a whole mess of other features. Regardless of which model you choose, though, you'll have to pay an extra *$725 for delivery ($920 if you live in Alaska or Hawaii), elevating the actual cost of entry to $13,720 in the Lower 48.

The worst rally driver you've ever seen

Fast cars and excellent driving skills might be the easy answers when asking how to succeed in rally racing, but after watching this video, a good teammate is obviously an important aspect of this sport, too. During the 2013 Rally of Coimbatore in India, driver Samir Thapar and his co-driver, Vivek Ponnusamy, didn't seem to be on the same page as the two attempted to navigate the course in their Mitsubishi Lancer Evolution.
We'd probably hear drastically different stories if we talked to Thapar and Ponnusamy about this particular event, but you know things are bad when "stay on road" and "turn the wheel" are commands given by the co-driver (and yes, that's a man running for his life in the screen shot shown above). As it turned out, though, it seems like the Ponnusamy was justified in his concerns to take care of the racecar. Race results show that despite winning three of the seven stages, this team ultimately ended the race with a DNF.
Scroll down to watch the video, and even though it's been edited down from almost 40 minutes to less than four, we get the idea that it wasn't a pleasant experience for driver or co-driver.

2014 Mitsubishi Outlander earns Top Safety Pick+ award [w/video]

The Mitsubishi Outlander officially is a safe vehicle, earning a good rating in all of the Insurance Institute for Highway Safety crash test categories - good enough for the agency to give it the Top Safety Pick+ award. The small sport utility vehicle's little sibling, the Outlander Sport, received the Top Safety Pick award earlier this year.
According to the IIHS, to earn the Top Safety Pick+ rating vehicles must be rated good in at least four out of the five crash tests (including the difficult small overlap front test) and earn no less than acceptable in the rear crash test. The Top Safety Pick rating requires that vehicles be rated good in the moderate overlap front, side, rollover and rear tests, but there's no minimum rating on the small overlap front crash test.
Mitsubishi designed the Outlander to have greater roof strength (the roof now can support up to five times the SUV's weight) and to withstand the moderate overlap front crash test and the recently introduced small overlap front crash test, both of which evaluate the ability of vehicles to protect their occupants in crashes that bypass the traditional front crumple zone. Crumple zones are designed into vehicles to allow them to deform in a way that protects passengers in the event of a crash. The Outlander was one of two small SUVs to earn a good rating in the small overlap test, the other being the 2014 Subaru Forester. The Subaru earned a Top Safety Pick rating.

Mitsubishi recalling 2013 Outlander Sport for suspension issue

Just 305 units of the 2013 Mitsubishi Outlander Sport are the subject of a recall over a potential suspension issue. Crossovers made from January 17-25 of this year might suffer from a bad weld on the front left strut's stabilizer link. If it fails, damage to the brake hose or tire could result, in turn making steering or braking control of the compact CUV more difficult.
When the recall begins, owners can take their Outlander Sports to Mitsubishi dealers for inspection and replacement of the strut assembly if necessary. The National Highway Traffic Safety Administration bulletin below has more information.

The 100,000th EV sold in the US is... a Mitsubishi i-MiEV

The news here isn't that 100,000 EVs have been sold in the US, although that's quite the accomplishment. It's that the 100,000th car is a Mitsubishi i-MiEV - a car that takes nearly a full day to recharge on a standard outlet and can only travel about 62 miles per charge (according to the car's Monroney).
Jabs at the Mitsubishi aside, the fact that US dealers have moved 100,000 electric cars is made more impressive in that it's only been done since the latest generation of EVs arrived, typified by the Nissan Leaf, Ford Focus Electric and aforementioned i-MiEV. Chronologically, that means roughly the last two years. It's a number that we can only expect to climb, as EVs gain a stronger foothold among manufacturers and consumers.
Plug In America, an EV advocacy group, crunched the numbers for a contest called #PIA100K, to find the lucky buyer, who would be given a ClipperCreek Level 2 charger (which takes the i-MiEV's recharge time down to just seven hours). The winner, Rich Salmon of Grand Bay, Alabama, picked up his i-MiEV from Pete Moore Mitsubishi.

Mitsubishi Evo tagged with graffiti faster than you can say 'stop!'

Ladies and gentlemen, meet Maggie Stiefvater, professional artist and musician, New York Times best-selling author and Mitsubishi Evo owner. Because, as she writes, "In my latest novel, The Dream Thieves, a character drives a car that looks just like mine. Only there's a knife painted on the side of his," she decided to graffiti a knife on the side of hers.
And that's how you get the time-lapse video below of Stiefvater, a few aerosol cans and a lot of stencils enjoying a sunny day in the park.

Mitsubishi recalling 2011 Outlander Sport over panoramic roofs that may fly off

The panoramic roof offered on the 2011 Mitsubishi Outlander Sport is a great way to make the cabin feel more open, but some owners of the compact CUV could get a little more openness than they bargained for. The National Highway Traffic Safety Administration announced a recall for Outlander Sport models built between August 2010 and March 2011 due to the possibility that the panoramic roof could fly off.
On about 3,200 Outlander Sport models in the US and Puerto Rico, a potentially improper installation process could have resulted in a lack of adhesive primer between the glass and the roof, which could allow the glass to detach from the vehicle and become dangerous debris on the road. Fortunately, it sounds like there have only been two instances of detached roofs, and neither was in the US. As a fix, Mitsubishi dealers will check to make sure the primer was used, and if not, the glass will be reinstalled following the proper procedure. Scroll down for the official NHTSA recall notice.

Mitsubishi's all-electric Pikes Peak challengers are in it to win it

With a second-place finish already in the books from 2012, there's only one thing on the minds of Mitsubishi drivers Hiroshi Masuoka and Greg Tracy: winning. As the presenting sponsor for the 2013 Pikes Peak International Hill Climb, there's no doubt the Japanese manufacturer is hoping for a good showing this year, and the video you'll see below explains how Mitsubishi changed things this year to help ensure a win... basically, more power and more downforce.
Winning in 2013 certainly won't be easy. With competitors that include Nobuhiro "Monster" Tajima and Rod Millen, who's driving for Toyota, winners in 2012 in the Electric class. Our own Jonathon Ramsey sat down and spoke with the boys from Mitsubishi, and found that, if not for the over-the-top presence from Peugeot, the the all-electric MiEV Evolution II (which may be a sort of test-bed for potential Lancer Evolution-of-the-future components) may even be capable of challenging for the overall victory.
Their target: nine minutes and thirty seconds. We'll see how close they get later this afternoon. Scroll down below to watch the video.