1997 Mitsubishi 3000gt Base Coupe 2-door 3.0l on 2040-cars

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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.

Nissan slashes profit forecast as Ghosn arrest hurts brand appeal

TOKYO — Nissan cut its profit forecast for the fiscal year through March on Wednesday to reflect slowing sales, higher costs and the fallout from a criminal investigation of its former chairman, Carlos Ghosn. Nissan Motor Co. expects to post a 319 billion yen ($2.9 billion) profit for the fiscal year, marking a 22% drop from its earlier 410 billion yen ($3.7 billion) forecast. Nissan said the downgrade reflects higher costs in the U.S. from a warranty extension campaign for some vehicles and falling sales due to "corporate issues," alluding to the Ghosn scandal. Ghosn was arrested in November and is facing charges of underreporting his income and breach of trust. He says he is innocent. He was released on bail in March and is awaiting another court decision on bail after his re-arrest on April 4. Nissan, which is allied with Renault SA of France, has seen sales lag in France and Japan, where Ghosn is widely known. In the U.S. and China, buyers aren't as affected by the scandal, but the markets there overall have slowed. Other factors contributed to the revision, such as production not keeping up with demand for the Note, an extremely popular model in Japan. But the high-profile scandal has weakened the brand appeal of the maker of the Leaf electric car, Infiniti luxury model and X-trail sports utility vehicle. Nissan said it expects to sell 5.5 million vehicles in this fiscal year. Earlier it predicted it would sell 5.6 million. The company sold nearly 5.8 million vehicles in the fiscal year that ended in March 2018. The automaker reduced its sales outlook by 0.2% for the fiscal year through March 2019 to 11.5 trillion yen ($103 billion), compared to its previous forecast. It was Nissan's second downgrade for its outlook following one in February that cited faltering sales in China and the U.S. At that time, Nissan also logged costs about 9.2 billion yen ($83 million) related to the alleged underreporting of Ghosn's compensation. Nissan has promised to strengthen its corporate governance to prevent a recurrence of what it says is serious wrongdoing by Ghosn. Ghosn was sent by Nissan's French alliance partner, Renault SA, to help turn the Japanese automaker around when it was near bankruptcy 20 years ago. The future of the alliance is one of many questions clouding Nissan's future following Ghosn's ouster since he was the main liaison for the alliance, which includes smaller Japanese automaker Mitsubishi Motors.

Look what West Coast Customs did to a 100-year-old Mitsubishi Model A

A hundred years ago, Mitsubishi made its first car, called the Model A. Back in April of this year, the automaker said it would update an example of that original model, electrifying it with the help of West Coast Customs. The result is the Mitsubishi Re-Model A, which combines old-school looks with the automaker's plug-in hybrid powertrain borrowed from the Outlander PHEV. To make room for the Outlander PHEV's chassis, West Coast Customs had to stretch the body of the Model A, while attempting to retain as much of its original form as possible. Once that was completed, they gave the car new door panels and modern steering wheel and parking brake. With two drive motors, the Re-Model A gets Mitsubishi's Super All-Wheel Control. The resulting car is a little funky looking. It's got wide, modern wheels and tires that look out of place. The front end takes on a new shape that looks odd from certain angles. On the plus side, it's probably faster and better to drive (depending on your perspective) than the original, which had a 2.8-liter four-cylinder engine producing 35 horsepower. We drove the 2018 Mitsubishi Outlander PHEV that the Re-Model A gets its chassis from, and enjoyed it quite a bit. Still, watching the mechanics tear down a 100-year-old vehicle — which will never be the same again — makes us cringe. Mitsubishi has a microsite devoted to the Re-Model A if you'd like to learn more. Related Video: