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Mitsubishi expects a massive loss this year due to the coronavirus pandemic

TOKYO — Mitsubishi Motors reported Monday a $1.7 billion (176 billion yen) loss for April-June, and forecast more red ink for the fiscal year, as the coronavirus pandemic slammed auto demand around the world. The Japanese automaker had posted a profit of 9.3 billion yen for the fiscal first quarter the previous year. Quarterly sales shrank 57% to $2.2 billion (229.5 billion yen). The maker of the Outlander sport utility vehicle and I-MiEV electric car expects to chalk up a $3.4 billion (360 billion yen) loss for the fiscal year through March 2021, because of the fallout from the outbreak. This would be MitsubishiÂ’s biggest loss in at least 18 years, according to company financial records dating back to 2002. “To pave the way to recovery, the top priority of all executives is to share a sense of crisis with employees to execute cost reductions,” Chief Executive Takeo Kato told reporters. The shaky results come as Mitsubishi MotorsÂ’ alliance partners Nissan and Renault of France work to recover from the downfall of their former chairman, Carlos Ghosn. Ghosn was out on bail, awaiting trial on various financial misconduct allegations in Tokyo, when he fled late last year to Lebanon. He has said he is innocent of the allegations of under-reporting future compensation and breach of trust. Mitsubishi Motors has denounced Ghosn. Mitsubishi officials, in a news conference relayed in a call to reporters, promised a turnaround, pursuing growth in Southeast Asian markets, where its profitability is relatively strong, and building on its strength in four-wheel drive and “off road performance.” They said they expect the companyÂ’s results to recover next fiscal year, once COVID-19 is brought under control. Product development will leverage “synergies” with alliance partners, and labor costs will be cut through pay cuts, hiring freezes and voluntary retirements, the automaker said. Tokyo-based Mitsubishi also said itÂ’s working on innovative technology, such as improved diesel engines, electric vehicles and autonomous driving. Its electric vehicles are a strength as environmental standards continue to toughen, especially in major markets like China, it said. But it warned the outbreakÂ’s impact on auto demand was worse than what the auto market suffered during the 2008 financial crisis and so a recovery will take time.

Junkyard Gem: 1989 Mitsubishi Galant Sedan

The history of the Mitsubishi Galant in North America goes all the way back to the 1971 model year, when Chrysler imported the first-generation Galant and badged it as the Dodge Colt. Later in the 1970s, we got Galant coupes badged as Dodge Challengers and Plymouth Sapporos, and Mitsubishi began selling Galants (now with front-wheel-drive) with the company's own badging starting in the 1985 model year. The sixth-generation Galant arrived here for the 1989 model year, as a stylish and technology-packed competitor to the Taurus, Camry, and Accord, and it made a fair-sized splash in the automotive world. You'd have a tough time finding one of these cars today, but this '89 appeared in a self-service yard in Phoenix a couple of months back and I was there to document it. 159,385 miles is a respectable total for a 1980s car, and this one looks clean enough to indicate that it had conscientious owners for most of its 31-year life. Check out the dual analog trip counters, the sort of cool little feature Mitsubishi did so well during this era. One of this car's owners (probably its final owner) applied glue-on bling to many locations inside the car. A fairly typical Japanese sedan interior for the late 1980s and early 1990s, though a bit flashier than what Toyota and Honda were doing at the time. The base Galant sedan listed at $10,971 in 1989, versus $12,400 for a Ford Taurus L sedan, $12,105 for a base Chevrolet Celebrity sedan, $11,488 for a base Toyota Camry sedan, and $11,770 for a Honda Accord DX sedan. That was a good price for a competent and fuel-efficient sedan with a modicum of sportiness. Power came from a 2.0-liter 4G63 Sirius four-cylinder rated at 102 horsepower. This engine went into a list of vehicles longer than a Mitsubishi HIIB rocket, everything from the Eclipse to the Great Wall Coolbear, and you can buy a brand-new BAW BJ2022 Brave Warrior with 4G63 power to this day. Protected by the Nassau County PBA and Radio Shack. This car must have begun its career in New York, then moved to Arizona. Some Americans still bought midsize sedans with manual transmissions during this era, but their numbers were in steep decline (Ford stopped selling three-pedal Tauruses, other than the SHO after 1988). This car has an automatic, though I have found a bullet-riddled '91 Galant with a 5-speed during my junkyard travels. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Mitsubishi celebrates 40 years in the U.S. with special-edition Outlander

Mitsubishi's North American division is celebrating its 40th birthday by releasing a special-edition Outlander called the Anniversary Edition. The commemorative SUV receives a specific two-tone paint job, "40th Anniversary" emblems, and more equipment and features. Dodge and Plymouth sold Mitsubishi models as captive imports for over a decade before the Japanese company established an American division in Fountain Valley, California, in 1981. Sales started in 1982 for the 1983 model year with a range that consisted of the Cordia, the Tredia, and the Starion. Fast-forward to 2023 and the Outlander gets the honor of celebrating 40 years of Mitsubishi in the United States. You don't need to be a seasoned car-spotter to tell the Outlander 40th Anniversary Edition apart from the regular-production model. Visually, it stands out with Black Diamond paint, a bronze-painted roof, a bright "OUTLANDER" emblem on the hood, and a rear bumper protector. Inside, it offers scuff plates on the door sills and an illuminated center console. It's based on the range-topping SEL Premium Package trim, so it's relatively highly-equipped: The list of standard features includes leather upholstery, a Bose sound system, and a head-up display. On sale now across the nation, the 2023 Mitsubishi Outlander 40th Anniversary Edition carries a base price of $41,340 including a $1,345 destination charge. For context, the Outlander SEL Premium Package that the Anniversary Edition is based on costs $38,190. The plug-in hybrid version of the Outlander 40th Anniversary Edition offers the exact same list of equipment and edition-specific features but costs $51,340. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.