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Auto blog
Mitsubishi hopes to raise $2.5B with stock sale
Wed, 22 Jan 2014Mitsubishi, 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.
Mitsubishi recalling 2011 Outlander Sport over panoramic roofs that may fly off
Tue, 02 Jul 2013The 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 teases 2016 Outlander ahead of New York debut
Sat, Mar 14 2015Mitsubishi really disappointed lots of people at the 2015 Chicago Auto Show when it initially teased "The Return of a Legend." That over-hyped unveiling was really just the North American debut of the GC-PHEV, first shown at the 2013 Tokyo Motor Show. The Japanese automaker is getting a second chance to impress with its hook to "Come See the New Face of Mitsubishi Motors" at the New York Auto Show on April 2. Maybe the company can do a little bit better this time, even if the surprise is already spoiled. Mitsubishi announced that it would unveil the refreshed 2016 Outlander in the Big Apple a month ago in Chicago. It's almost certainly the vehicle on display on the brand's invitation, above. While the single shot shows off a design very reminiscent of the current model, earlier spy shots indicate changes are in store for both the front fascia and much of the rear end. A look in the vein of the Outlander PHEV Concept-S from the 2014 Paris Motor Show seems likely. The restyling is also rumored to be timed with the plug-in hybrid version's US debut. However, after that vehicle's multiple delays, it might be best to wait and see.