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Mitsubishi has 6 all-new models in the works, plus 5 redesigns

Mitsubishi has revealed its plans for the next three years, and they're all focused on expansion. The company wants to improve unit sales and revenue by 30 percent, which would have it selling 1.3 million cars worldwide. It also plans to improve profit margins from 0.3 percent to 6 percent. This will entail an investment of nearly $5.3 billion. To do this, the company will work on reducing development and manufacturing costs and concentrating on improving in existing markets. But the most interesting part for consumers and enthusiasts: its expanding product plans. Mitsubishi says it will have 11 new model launches over the three-year expansion period. Of these models, six of them are completely new, and the other five will be significant updates and redesigns of existing models. Two of the new vehicles have been shown already including the Eclipse Cross, a compact crossover we'll get in America, and the Xpander (shown below), a minivan-type thing that won't come to the States. The addition of redesigned and new models should be great news for Mitsubishi dealers, especially in America where the company only offers two flavors of aging Outlander, and the bargain-basement Mirage. Fans of Mitsubishi cars might not have much to be excited for, though, since the company says it will be focusing on SUVs and trucks. In fact, it expects that its five best-selling models and 70 percent of its sales will be SUVs, trucks, and plug-in hybrids. If we had to guess what the next four Mitsubishi models could be, we imagine that at least one of them will be some type of full-size crossover. Something sized similarly to the foreign-market Pajero SUV, but designed for pavement pounding. This would especially make sense given other companies entering that space such as VW with the Atlas, and Subaru with its Ascent. As for the three other slots, it's harder to guess. The future Outlander will grow, and the Outlander Sport will shrink, so Mitsubishi will have its midsize and subcompact bases covered, and with a hypothetical full-size crossover, it would have a full line. Those three other slots could be cars, or perhaps specialty crossovers, maybe even a sporty one based on the e-Evolution. But they could also be vehicles aimed at other regions in segments that don't really exist in the U.S. For instance, they could include new microcars for Japan's Kei class of vehicles, or possibly ultra-bare bones, low-cost compacts for Southeast Asia, India and China. Related Video:

Mitsubishi NA gets new president and CEO

Last week, we told you that Mitsubishi will be getting a new global president, with Osamu Masuko stepping aside in favor of Tesuro Aikawa. The executive changes at the Japanese automaker are hitting closer to home, now, with official word that Mitsubishi Motors North America is getting a new president and CEO, as well. Effective March 1, Ryujiro Kobashi will take over for Yoichi Yokozawa, 49, who has been in charge since April of 2011. Yokozawa is headed back to Japan, where he will assume a spot in the company's corporate planning offices.
Kobashi, 53, has been with Mitsubishi since 1983 when he was fresh out of college. Previous to taking the top job in North America, he was installed as corporate general manager of the NA office at Mitsubishi's headquarters in Japan, where he coordinated regional operations for the US, Canada and Mexico. Before that, he held posts in planning, marketing, advertising and public relations for the company.
Kobashi takes over the company's North American operations at a pivotal time, when the region is finally showing signs of life after a prolonged period of stagnation. As Automotive News notes, Mitsubishi only sold 62,227 vehicles in the US in 2013, but that figure still represents an eight-percent increase. Its crossovers, the new-for-2014 Outlander and the two-year-old Outlander Sport have been selling relatively well, and the affordable Mirage subcompact is a new arrival at dealers.

Mitsubishi Motors shareholders approve ouster of Ghosn

TOKYO — Mitsubishi Motors Corp. shareholders approved on Friday the ouster of Carlos Ghosn, who was pivotal in the Japanese automaker's three-way partnership with Nissan and Renault until he was arrested on financial misconduct charges last year. The vote took place in a two-hour general meeting of shareholders at a Tokyo hotel. Nissan Motor Co. owns 34% of Mitsubishi Motors. Osamu Masuko, who was reappointed chairman, promised to strengthen governance and transparency and monitor wrongdoing. More outsiders will check executive appointments and compensation, he said. Nissan shareholders held an extraordinary shareholders' meeting in April to oust Ghosn as chairman. He resigned from French alliance partner Renault SA. The Mitsubishi shareholders also approved the appointment of Renault's chairman Jean-Dominique Senard to replace Ghosn. Renault owns 43% of Nissan. Nissan, based in the port city of Yokohama, is holding a general shareholders' meeting next week to approve other measures, including setting up committees to strengthen governance. Nissan said late Thursday two Renault executives will be on the committees. Renault earlier said it would abstain in that vote, and the greater representation promised on the committees may gain Renault's approval. Renault said in a statement that it welcomed Nissan's decision but did not say how it planned to vote. "The agreement reached on Renault's presence in Nissan's new governance confirms the spirit of dialogue and mutual respect that exists within the alliance," it said. Some analysts suggest a deepening rift between Renault and Nissan after a planned merger between Renault and Fiat Chrysler fell through earlier this month. Nissan expressed reservations about immediately joining the merger. Masuko told shareholders the auto industry faced challenges because of the costs of advancements such as emissions standards and self-driving technology. He said the Tokyo-based automaker will pursue focus over expansion, repeatedly highlighting the company motto "small but beautiful." He also stressed the importance of auto alliances. "We want to be a profitable company even if smaller in scale," he told shareholders. One Mitsubishi Motors shareholder expressed anger over the Ghosn scandal. But most of the questions were about new models and market strategy.