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Mitsubishi Motors posts surprise loss as car sales slide

TOKYO — Mitsubishi Motors on Friday posted a surprise operating loss in the third quarter, its worst quarterly performance in more than three years, hurt by falling sales in China, Japan and Southeast Asia, as well as a stronger yen. The carmaker posted an operating loss of 6.6 billion yen ($60.2 million) for the October-December quarter, widely missing an average forecast for a profit of 11.6 billion yen, based on analyst estimates compiled by Refinitiv. It was the firm's biggest loss since the July-September 2016 quarter, when a mileage cheating scandal sapped profits. However, Mitsubishi stuck to an earlier forecast for a 73% drop in full-year operating profit to 30 billion yen in the fiscal year ending in March. The automaker's net loss for the quarter just ended came in at 14.4 billion yen. The fall in quarterly sales was worst in China and at home, while sales also slipped in ASEAN countries, traditionally a stronghold, leading to a 16% fall in global vehicle sales to 320,000 units. The automaker also said it would keep some of its offices in China closed through Feb. 9, as a new coronavirus spreads throughout the country and beyond. The automaking alliance of Mitsubishi, Renault and Nissan on Thursday said they had "no other option" but to drastically improve their joint operations to remain competitive in the fast-changing global auto industry. Related Video:           (Reporting by Naomi Tajitsu; editing by Richard Pullin) Earnings/Financials Mitsubishi

Junkyard Gem: 1990 Plymouth Laser RS Turbo

When Diamond Star Motors, a Chrysler-Mitsubishi joint venture, came online in the late 1980s, the first products to come out of the Normal, Illinois assembly plant were versions of the first-generation of the Mitsubishi Eclipse. There was the Eclipse itself, the Eagle Talon, and the Plymouth Laser. Here's a somewhat tattered example of the latter type, spotted in a Northern California self-serve yard. This car is unrelated to the Chrysler Laser of a few years earlier, which was based on the K-platform-derived Dodge Daytona. The Plymouth Laser was a pure Mitsubishi design. This one has the DOHC turbocharged 2.0-liter Sirius engine, rated at 190 horsepower. That was plenty of power by 1990 standards, a year in which the wildest possible Chevrolet Camaro (the IROC-Z, of course) packed just 230 hp under the hood. The IROC-Z weighed 3,149 pounds versus the Laser's 2,483, giving the Laser a slightly better power-to-weight ratio, not to mention a price tag more than $500 lower. CD players in cars were still uncommon in 1990; this Laser has the much more mainstream "computer controlled deck" cassette player, complete with nine-band graphic equalizer. Badging in futuristic typefaces was all the rage when this car was new. The all-wheel-drive Eclipse/Talon/Laser didn't hit dealerships until the 1991 model year, so all the '90s are front-wheel-drive only. The torque steer experienced in these cars could be exciting. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In the United States, Tina Turner pitched the Laser. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. North of the border, Celine Dion did the Laser's TV ads. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. In Japan, the 1990 Eclipse featured "international breeze," whatever that is. Featured Gallery Junked 1990 Plymouth Laser RS Turbo View 23 Photos Auto News Chrysler Mitsubishi mitsubishi eclipse

Renault-Nissan goes for closer cooperation, outsells VW and Toyota

PARIS — Renault-Nissan plans to double cost savings to nearly $12 billion by 2022, partly through closer cooperation with Mitsubishi, but left key questions about the automakers' alliance unresolved. Chairman Carlos Ghosn has pledged to step up the pace of integration after Nissan took a controlling stake in Mitsubishi last year. The 18-year-old Renault-Nissan pairing has only recently begun rolling out cars on common architectures. Combined sales volumes are expected to rise to 14 million vehicles by 2022 from 10.5 million expected this year, with revenue advancing by a third to $240 billion, the alliance said at a news conference in Paris on Friday. However, any investors impatient for a new capital or management structure to speed integration and prepare Ghosn's succession were likely to be disappointed. There was "no answer from Ghosn on the possibility of a merger by 2022," Jeffries analyst Philippe Houchois noted.12 NEW ALL-ELECTRICS Ghosn has been seeking a new second-in-command, sources told Reuters in June. But such plans are linked to thornier questions about the balance of power between the two main carmakers and the French government's outsize clout as Renault's biggest shareholder, supported by double voting rights. Twelve new pure-electric models will be on the road by 2022 as Renault-Nissan seeks to defend the head-start it gained with the current generation of battery cars, spearheaded by the Nissan Leaf and Renault Zoe, as more competitors join the fray. With 5.27 million cars and vans delivered in the first half of the year, Renault-Nissan now claims the mantle of the world's biggest carmaker, ahead of Volkswagen and Toyota, even though Renault has never consolidated the sales of its 43.4 percent-owned Japanese affiliate into its own. Under existing plans, the alliance is seeking to increase synergies — from cutting costs and boosting revenue — to 5.5 billion euros next year from 5 billion recorded in 2016. SHARED PLATFORMS A fourth common vehicle platform will be shared across the alliance by 2022, the companies said on Friday, underpinning a future generation of electric cars which, together with hybrids, are expected to account for 30 percent of group sales. Renault-Nissan will aim to deliver more electric vehicles and also make greater use of shared technology and manufacturing processes.