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Mitsubishi Outlander PHEV is fourth plug-in to reach 100,000 sales

After what seems like a lifetime of delays, the Mitsubishi Outlander PHEV will finally arrive in this US in " late summer, early fall." What's taken so long? Well, Mitsubishi had to sell 100,000 of the big plug-in hybrids in Europe and Japan first, apparently. You could see the milestone coming, since sales have been strong in the markets where the Outlander PHEV was available, with around two-thirds of its sales coming from Europe, Hybrid Cars says. When we spoke with Don Swearingen, executive vice president of Mitsubishi Motors North America (MMNA) earlier this year, he said that sales of around 200-400 Outlander PHEVS a month (10-20 percent of the Outlander's total US monthly sales) would be, " a very good number." Inside EVs says that the Okazaki Plant where the Outlander PHEV is made, " is running at full swing." As Hybrid Cars points out, the Outlander PHEV is only the fourth plug-in car ever to sell 100,000 units. The others are the Nissan Leaf (roughly 218,000 sales worldwide), the Tesla Model S (120,000), and the Chevy Volt (110,000). The next likely candidate to cross this threshold is the Prius Plug In – it has around 75,000 sales – if we count the upcoming Prius Prime updates as the same vehicle. 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 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.