2012 Mitsubishi I-miev on 2040-cars

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Nissan posts $6.2 billion annual loss and unveils plan to cut costs

TOKYO — Nissan outlined a new plan on Thursday to become a smaller, more cost-efficient carmaker after the coronavirus pandemic exacerbated a slide in profitability that culminated in its first annual loss in 11 years. Under a new four-year plan, the Japanese manufacturer will slash its production capacity and model range by about a fifth to help cut 300 billion yen from fixed costs. It will shut plants in Spain and Indonesia, leave the South Korean market and pull its Datsun brand from Russia as part of a strategy unveiled on Wednesday to share production globally with its partners Renault and Mitsubishi. "I will make every effort to return Nissan to a growth path," Nissan Chief Executive Makoto Uchida said, adding that the company had learned from its past mistakes of chasing global market share at all costs. "We must admit failures and take corrective actions," he said, adding that starting with top-level managers, the company had to break its inward-looking culture which in the past has stymied efforts to deepen cooperation with France's Renault. Uchida said improving the company's cash flow was its biggest challenge. He reiterated that Nissan's cash liquidity was good even though it had negative free cash flow of 641 billion yen in the year ended in March. Nissan declined to give any forecasts for its current financial year which started in April due to the uncertainty created by the coronavirus pandemic. It also declined to give details on how many jobs it was cutting. In what is Nissan's second recovery plan in less than a year, Uchida pledged a return to profitability with a core operating profit margin above 5% and a sustainable global market share of 6%. Nissan posted an annual operating loss of 40.5 billion yen for the year to March 31, its worst performance since 2008/09. Its operating profit margin was -0.4%. The automaker said on Thursday that it sold 4.9 million vehicles last year, up from an earlier estimate of 4.8 million. That was still the second decline in a row and a fall of 11% from the previous period but meant Nissan clung on to its position as Japan's second biggest carmaker, just ahead of Honda and a long way behind Toyota. Pandemic pressure Even before the spread of the novel coronavirus, Nissan's slumping profits had forced it to row back on an aggressive expansion plan pursued by ousted leader Carlos Ghosn. The pandemic has only piled on the urgency to downsize.

Employee warned Mitsubishi execs about mileage cheating in 2005

A damning report from the committee brought in to investigate Mitsubishi's alleged fuel economy fixing scandal has revealed a new employee stepped forward and implored the company to play it straight on its mileage data... Eleven years ago. The employee, identified in the report as F, pushed for honesty during a company workshop in February 2005, The Asahi Shimbun reports. The then-new worker told 20 company officials, including senior members of the performance testing department, that the way Mitsubishi measured fuel economy was different from the way government's method. Instead of acting on F's protests, officials said they had no memory of them, the report claims. The four-person committee, made up of lawyers and industry experts, isn't buying the excuse. "It is difficult to accept their explanations that they have no recollections because a new employee pointing out such a problem must have had a (strong) impact," the report read. But F's comments weren't the only internal sign that Mitsubishi allegedly ignored. In a 2011 questionnaire, multiple employees submitted responses claiming that the company had been falsifying data. But according to the committee's report, Mitsubishi's development department issued a report denying there was even a problem, which the company's execs accepted without question. According to The Asahi Shimbun, Mitsubishi CEO Osamu Masuko revealed that an internal investigation – which also denied F's remarks – acknowledged that the company hadn't followed government rules regarding fuel economy measurements since 1991. "We lacked unity needed to detect problems within the company and to solve them," Masuko-san said, backing up the committee report's claim that the company was divided. "From now on, we need to decide how to change our way of thinking." Related Video: News Source: The Asahi Shimbun via Motor TrendImage Credit: Toru Hanai / Reuters Government/Legal Green Mitsubishi Fuel Efficiency scandal

Mitsubishi Lancer Evo X Final Edition gets official for Japan only

It'll be the end of an era when Mitsubishi discontinues the Lancer Evolution, putting to rest a dynasty that challenged the Subauru WRX STI for decades. But before it does, the Diamond-Star automaker is sending off its most celebrated model with the Final Edition you see here. Unfortunately, it's nowhere near as cool as the concept. While the showcar pumped the output from its 2.0-liter turbo four to 473 horsepower thanks to a remapped ECU and a fresh HKS turbocharger, the production version is sticking with the stock 296 hp. It's otherwise based on the GSR model, so it's got a five-speed gearbox, but packs a long list of top-shelf equipment: BBS alloys, Bilstein shocks, Eibach springs, Brembo brakes, Recaro seats... the works. Mitsubishi will only offer 1,000 examples of the Evo X Final Edition in Japan, where buyers will be able to choose between five exterior colors and a contrasting roof in black or white. We don't know at this point whether a similar special will be offered Stateside, but if it is, we hope it'll pack at least some of the concept's power upgrades (we can dream, right?).