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Mitsubishi bringing Concept XR-PHEV II to Geneva

Head to the Geneva Motor Show this year and you'll see what could very well be the next production Mitsubishi. Though dubbed a "concept," the XR-PHEV II is clearly closer to being ready for production than the first XR-PHEV concept it showcased in Toyko back in 2013. Spindly as they may be, this one actually has side mirrors, the bodywork is a little toned down compared to the previous concept, there are actual openings in the grille, and you can actually see what looks like a functional interior through the windows. Overall the shape of this urban crossover looks promising, reminding us a bit of the Lamborghini Urus concept crossed with a Lancer Evo. But at least as important is what's under the hood. That's where Mitsubishi has placed its latest plug-in hybrid powertrain. The system includes an electric motor good for 160 horsepower, juiced by a 12-kWh battery. Strangely, the Japanese automaker hasn't specified what it's mated to, exactly, except to say that it's a MIVEC engine – those being the letters Mitsubishi uses for its variable valve timing system and utilized on gasoline and diesel engines ranging from 1.0 to 3.8 liters and from three cylinders to six. The previous concept, however, utilized a 1.1-liter turbo three with 134 hp on tap. It looks like we'll have to wait closer to its debut for further details and photos, but for now you can scope out all there is to know so far in the press release below. MITSUBISHI MOTORS AT 2015 GENEVA INTERNATIONAL MOTORSHOW Feb 25, 2015 TOKYO - Mitsubishi Motors Corporation (MMC) will unveil the global debut of the Mitsubishi Concept XR-PHEV II[1] as well as the European premiere of the L200[2] pick-up truck at the 85th Geneva International Motor Show[3]. The Mitsubishi Concept XR-PHEV II is a small SUV powered by a new plug-in hybrid EV (PHEV) system and the all-new L200 is due to go on sale in Europe this summer. The Mitsubishi Concept XR-PHEV II is a small SUV concept expected to be MMC's second PHEV following the Outlander PHEV launched in the UK in April, 2014. The new PHEV system presented in the Mitsubishi Concept XR-PHEV II is a lightweight, compact and high-efficiency front-engine/front-drive system ideal for an urban crossover. The system is estimated to achieve very low CO2 emissions of below 40 g/km, among the lowest of any PHEV, while also delivering gutsy and smooth performance with excellent response with its 163PS electric motor.

Chip shortage will hit Nissan, Suzuki and Mitsubishi in June

TOKYO — A global chip shortage is forcing Nissan and Suzuki to temporarily halt production at some plants in June, sources with direct knowledge of the plans told Reuters on Friday. Nissan will idle its factory in Kyushu, southern Japan, for three days on June 24, 25 and 28, while making production adjustments during the month at its Tochigi and Oppama plants in Japan, three sources said. Nissan will also temporarily halt production of some of its models at its Mexico plant, they said, declining to be identified because the plan is not public. "A global shortage of semiconductors has affected parts procurement in the auto sector. Due to the shortage, Nissan is adjusting production and taking necessary actions to ensure recovery," a Nissan spokeswoman said. Suzuki will idle its three plants in Shizuoka prefecture from three to nine days, two sources said, also declining to be identified because the plan is not public. The plan "has not been confirmed," a Suzuki spokesman said, explaining that while the carmaker gave its provisional production plan to auto part makers, it is still making adjustments to minimize the impact of the chip shortage. Elsewhere, Mitsubishi will reduce production by 30,000 vehicles in total in June at five plants in Japan, Thailand and Indonesia, a spokeswoman said, adding that the impact has already been factored into its earnings outlook for the current fiscal year. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Plants/Manufacturing Mitsubishi Nissan Suzuki

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.