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Mitsubishi wants a compact pickup for the U.S. market, but won't rush it

A Mitsubishi dealer told Wards Auto last year that "the most requested model at the brand's U.S. dealer meetings is 'a pickup truck, a pickup truck, a pickup truck.'" This month, Mitsubishi North America's COO told Wards that the carmaker has its eye on getting back to the compact pickup segment in the U.S., but that it will take time. "[We'd] have to have one that's the right fit for Mitsubishi," he said, "for our demographic, and something that's really competitive in the market." That wasn't the case with the last compact pickup the brand sold here, the Raider. A product of the Daimler-Chrysler alliance with Mitsubishi at the time, the Raider was a rebadged Dodge Dakota. The pickup sputtered through four years of meager sales, being pulled from the market in 2009. As part of the Renault-Nissan alliance, Mitsubishi's been put in charge of the group's next midsize body-on-frame platform, Automotive News reports. The chassis will underpin the next-gen Mitsubishi Triton (2019 model pictured), Nissan Navara and Renault Alaskan, and if Daimler continues the tie-up with Renault, the next Mercedes X-Class. It sounds like Mitsubishi has already made room for electrification, the COO telling Wards, "you start mixing in some of that electrification technology and these hybrid drivetrains, the aspect of performance is really going to change in the future." The carmaker does very well with its compact Triton pickup, sold in 150 overseas markets under that name as well as L200 and Strada. Wards says LMC Automotive predicts a Triton will come to the U.S. as a 2025 model, but we can't know how similar our model would be to the international model. Our Nissan Frontier, for instance, is not the same as the Frontier sold overseas, the global truck also known as the Navara and NP300. The five-year wait shows Mitsubishi won't be reckless with any new launch now that it has a vision and momentum to protect. The Japanese carmaker has posted sales gains in the U.S. for six straight years. The last two years surpassed 100,000 units, 2018 delivering a 14 percent jump over 2017 in spite of Mitsubishi having just four models on sale here.

Junkyard Gem: 2012 Mitsubishi Eclipse Spyder

When Chrysler and Mitsubishi partnered to establish the Diamond-Star Motors plant in Illinois, the first cars built at that facility were 1990 Mitsubishi Eclipses along with their Eagle Talon and Plymouth Laser twins. The Eclipse went through four generations, with 2012 as the final model year. Today's Junkyard Gem is one of the very last Eclipses, found in a Denver car graveyard recently. This generation of Eclipse was built starting with the 2006 model year, and it was based on a platform shared with the Galant and Endeavor. It was substantially larger than the early Eclipses, scaling in at nearly 3,500 pounds. The Spyder convertible version of the fourth-gen Eclipse debuted in the United States as a 2007 model. Sales were never strong and became downright miserable by the end, with fewer than a thousand 2012 Eclipses (both coupes and convertibles) leaving showrooms. This car is a base-grade GS with automatic transmission, and its VIN indicates that it was built for fleet sale. This would have been a fun rental car, at least compared to the Dodge Nitros and Kia Rios that stocked rental fleets in the early 2010s. The engine is a 2.4-liter SOHC straight-four rated at 162 horsepower and 162 pound-feet. The MSRP was $27,999, or about $38,581 in 2024 dollars. 2012 was also the final year for the Galant in the United States, though that was the model year in which the i-MiEV went on sale here. For the 2018 model year, Mitsubishi revived the Eclipse name — sort of — for the Outlander-derived Eclipse Cross compact SUV, which is still being built to this day. Rare? Very. Valuable? No. You could get the Eclipse Spyder with a 650-watt sound system. Driven to thrill.

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.