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Mitsubishi fuel economy scandal will result in $1.39 billion loss

The fuel economy scandal revealed a couple months ago will cost Mitsubishi Motors a pretty penny. According to The New York Times, the Japanese automaker predicted the fiscal year 2016 will result in a loss of 145 billion yen, or $1.39 billion. We won't know for sure until March rolls around. The prediction is even more striking when compared to Mitsubishi's performance during the last few years. It will be Mitsubishi's first reported loss in eight years. In 2014, Mitsubishi reported a global profit of $1.2 billion, which doubled the profits of the previous year, and in the spring of 2015 the US arm of the manufacturer reported its first profits in seven years – $4.18 million. For a little while there, it seemed like things were looking really good for Mitsubishi, but past flaws caught up with it. Some of the models built have had their fuel economy readings rounded by as much as 15 percent, due to the way running resistance is calculated in laboratory conditions. Nissan swept in to buy one third of Mitsubishi, and under the Renault-Nissan alliance it is likely Mitsubishi will be put on a crash course to clear its name and start turning a profit again. But the bad publicity caused by the scandal will probably mean it'll be far in the future. Related Video:

Recharge Wrap-up: Electric trucking, Mitsubishi plug-in sales boost

A company called Oakridge Global Energy Solutions is providing batteries to Minnesota's Freedom Trucking. Oakridge claims the electric freight trucks can haul nearly 40 tons of cargo almost 400 miles on a single charge. "The custom battery design for Freedom Trucking is an absolute game changer," says Oakridge CEO Steve Barber. The Melbourne, Florida-based startup also says it is providing lithium-ion batteries for Harley-Davidson, Indian, and Victory motorcycles. (Notably, Oakridge was accused last year of failing to pay its employees. Also, of note, Oakridge trades as OGES on OTCQX, the same over-the-counter market as Elio Motors.) Read more from Energy Matters. A new UK poll suggests that nearly a third of drivers would choose a plug-in vehicle for their company car. 23 percent of respondents said they'd choose a plug-in hybrid for their fleet car, while 8.2 percent would choose a battery electric vehicle. Another 7.1 would choose a conventional hybrid, and 47.2 percent still prefer diesel, while only 12.4 percent would choose gasoline (it is, after all, the UK). In all, the poll (with an admittedly small sampling of 282 respondents) shows that alternatively powered vehicles will make up 40.4 percent of future fleet orders will. A recent survey from KPMG shows that 79 percent of auto executives believe hybrids will be the go-to powertrain in 2030. Read more from Fleet News. A reduction in plug-in car subsidies has boosted Mitsubishi's UK sales in February. As the Plug-In Car Grant was set to reduce from GBP5,000 to GBP2,500 ( from about $7,117 to $3,559) on March 1, Mitsubishi saw a run on its Outlander PHEV by customers looking to take advantage of the larger subsidy. Outlander PHEV sales were up 41 percent compared to a year before. The launch of the L200 Series 5 also helped Mitsubishi's performance in February, as pickup truck sales were up 34 percent. Read more in the press release below. PLUG-IN CAR GRANT CHANGE DRIVES MITSUBISHI SALES IN FEBRUARY CIRENCESTER – Sales of Mitsubishi vehicles in February were up 28 per cent compared to the same month last year according to figures released by the SMMT. The rise was driven by a 41 per cent increase in sales of the Outlander PHEV, ahead of the reduction in the Plug-in Car Grant from GBP5,000 to GBP2,500 beginning March 1. The UK's favourite plug-in continues lead the hybrid and electric car sector in 2016.

Mitsubishi Ground Tourer Concept will show next-gen PHEV ideas in Paris

Mitsubishi still hasn't released the Outlander PHEV here in the US, but we're already going to get a potential preview of the company's next large plug-in hybrid at the Paris Motor Show this fall. Mitsubishi has released a side-profile teaser image of the Ground Tourer Concept, which the company says "further expresses" Mitsubishi's flagship PHEV technology. It's got a floating red roof with sharp angles on the back and a cool silver body. It's certainly early for a Paris tease, but we'll take what we can get when it comes to more large plug-in vehicles. Related Video: Mitsubishi Ground Tourer Concept To Be Unveiled At Paris Motor Show / June 27, 2016 — CYPRESS, CALIF. Mitsubishi Motors Corporation (MMC) today announced the debut of the all-new "Ground Tourer Concept" at the 2016 Paris Motor Show this fall. An up-market SUV, the Ground Tourer Concept is aimed to be the latest expression of Mitsubishi Motors' design ambitions, expressed through four powerful elements: Augmented Possibilities, Functional Beauty, Solid Thrust and Japanese Craftsmanship. The newest concept further expresses Mitsubishi Motors' plug-in hybrid electric (PHEV) flagship technology. The combination of advanced driving technologies packaged using the latest Japanese design trends and quality will propel the Ground Tourer Concept for effortless cruising in all driving conditions on and off road; all while accommodating passengers in a quiet, comfortable and luxuriously crafted interior. The Ground Tourer concept is a continuance of MMC's design philosophy and showcases the commitment to its role in the SUV/CUV segment. About Mitsubishi Motors North America, Inc. Mitsubishi Motors North America, Inc., (MMNA) is responsible for all research & development, manufacturing, marketing, sales and financial services for Mitsubishi Motors in the United States. MMNA sells sedans and crossovers/SUVs through a network of approximately 380 dealers. MMNA is a leading the way in development of highly-efficient, affordably priced new gasoline-powered automobiles while using its industry-leading knowledge in battery electric vehicles to develop future EV and PHEV models. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672 or visit media.mitsubishicars.com.