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Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.

Mitsubishi confirms pair of MiEV Evolution II electric racecars for Pikes Peak

Preparing for next month's Pikes Peak International Hill Climb, Mitsubishi - the presenting sponsor of this year's PPIHC - has unveiled its entrant for the race: the all-electric MiEV Evolution II. Building off last year's MiEV-inspired entrant, the Evolution II has received numerous improvements, including a more powerful electric drive system, a lower center of gravity and even a more traditional racecar look. Driving a pair of MiEV Evolution II models this year will be Hiroshi Masuoka from Mitsubishi vehicle development and six-time PPIHC motorcycle winner, Greg Tracy.
Both MiEV Evolution II racers employ a quartet of electric motors (last year's car used just three), and output has been increased from 280 kilowatts (375 horsepower) up to 400 KW (536 hp). For improved handling, the cars' lithium-ion battery packs help provide lower centers of gravity, and both Masuoka's and Tracy's cars have received active yaw control, stability control and redesigned anti-lock braking systems. Hopefully, this will help them stick to the mountain better. As previously mentioned, even their look has changed, with less of a wide-body i-MiEV feel and more of a racecar appearance. We think the finished product would actually make for a pretty cool Le Mans Prototype racer, or perhaps an electrically powered rival for trackday cars like those from Radical.

Mitsubishi Concept GR-HEV brings diesel hybrid efficiency to the pickup game

Mitsubishi unveiled its Concept GR-HEV at the 2013 Geneva Motor Show. Branded a "Sport Utility Hybrid Truck," the concept mates a 2.5-liter clean diesel engine with a front-mounted electric motor for a more efficient one-ton pickup. Complete with an automatic transmission mated to a full-time four-wheel-drive system, the GR-HEV is designed to make hybrid technology attractive to buyers beyond the traditional compact car market. Mitsubishi says the vehicle's drivetrain is good for CO2 emissions of 149 grams per kilometer. For comparison's sake, the global 2012 Ford Ranger emits 264 g/km when equipped with the 3.2-liter turbo-diesel engine and a six-speed manual transmission.
Designed to be both more simple and less expensive than electric, plug-in hybrid or standard hybrid work vehicles, the GR-HEV would theoretically yield both the instant torque of a hybrid and the range of a traditional diesel. You can take a closer look at a full press release below for more information.