1993 Mitsubishi 3000gt Vr4 Twin Turbo All Wheel Drive Sunroof 73k Chrome Wheels on 2040-cars

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Mitsubishi still wants to bolster US sedan lineup, investigating options

Mitsubishi looked healthy in 2014 with a nice sales boost for the year, but so far 2015 hasn't been quite so pleasant with news of product delays or outright cancelations. The Japanese brand isn't letting the setbacks get it down, though, and is still planning for the future. Perhaps the biggest recent disappointment was that Mitsubishi and the Renault-Nissan Alliance scuttled plans to bring a South Korean-built, midsize sedan to the US under Mitsu's branding. The scheme was first announced in late 2013 and would have given the Japanese automaker a replacement for the long-retired Galant. According to Automotive News, the decision came because high exchange rates with the Korean won and Japanese yen against the US dollar made the Asian-built vehicle too costly. Mitsubishi isn't throwing in the towel on the possibility of a larger four-door in the US, just yet. One solution might be retooling the company's US factory in Normal, IL. According to Automotive News, the plant current exports over half of the Outlander Sport units that it builds. That capacity could switch to a new sedan, some of which could also be for shipment abroad. The Outlander Plug-in Hybrid is also being delayed until the second quarter of 2015 in the US. The electrified crossover has proven popular in other markets but has seen multiple postponements in going on sale here. In the meantime, there are a few new products coming down the line. The Mirage Sedan is eventually launching in the US, and the Lancer is reportedly getting a refresh soon. News Source: Automotive News - sub. req.Image Credit: Koji Sasahara / AP Photo Plants/Manufacturing Mitsubishi Sedan

Mitsubishi, Nissan will build mini EV together

That minicar project that erstwhile competitors Nissan and Mitsubishi launched about four years ago is about to go a little more maxi. NMKV Co., the joint venture established in June 2011 by the two Japanese automakers to make minicars, is going to get more resources specifically to ease a move into the electric-vehicle sector. Specifically, Nissan, which makes the all-electric Leaf, is going to have a bigger role in the testing, design, and development of the partnership's mini EVs. A memorandum of understand between Nissan and Mitsubishi, maker of the i-MiEV, is in the works. So far, the joint-venture has sold about 500,000 gas-powered three-cylinder compact vehicles under the two automotive brands, so it must be doing something right. The first Nissan Dayz and the Mitsubishi eK Wagon models started production in 2013. Sales of the Nissan Dayz Roox and Mitsubishi eK Space, which went the higher-roof route, began early last year. Nissan and Mitsubishi started making noise about this last summer, when word came out that the little EV may be priced at less than $15,000 in Japan, quite a bit cheaper than either the Leaf or the i-MiEV over there. As with the current models, the future minicar variants will be produced at Mitsubishi's Mizushima factory in Japan. So far, the partnership would only say that details about NMKV's next-generation mini EV will be released "at a later time," so specifics like range and other performance measures will have to wait. Until then, you can take a look at NMKV's press release below. Nissan, Mitsubishi Motors and NMKV reach agreement on planning and development of next-generation minicars Nissan Motor Co., Ltd., Mitsubishi Motors Corporation, and their joint venture NMKV Co., Ltd. today reached an agreement to continue their joint project regarding development of the next generation of current minicar models. The three companies will soon sign a memorandum of understanding. The companies aim to develop more competitive products by optimizing resource allocation and their respective roles and responsibilities. Nissan will be more deeply involved in development operations, such as design development and testing. In addition to its product planning and project development roles, NMKV will strengthen its management capabilities by adding a new department to enhance collaboration with engineering and manufacturing functions. Vehicle production is planned to continue at Mitsubishi's Mizushima Plant.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.