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Mitsubishi reportedly plans to spend billions to get back in the game

Japanese automaker Mitsubishi Motors reportedly plans to inject more than 600 billion yen ($5.35 billion) in capital spending and research and development over the next three years through fiscal 2019 in a bid to turn around its business after recent scandals. The Nikkei newspaper said the new plan calls for spending 5 percent of annual sales on equipment and the same proportion on R&D. Funds will be used by the company for the development of electrified vehicles such as the new e-Evolution concept and for production in China and Indonesia. Mitsubishi Motors will release the specifics of the new medium-term plan on Wednesday, the business daily said. ($1 = 112.1600 yen) Reporting by Sumeet Gaikwad Related Video: Image Credit: Reuters Earnings/Financials Green Plants/Manufacturing Mitsubishi Technology Emerging Technologies Electric research and development nikkei

1,500 Mitsubishi Lancer Evo, Ralliart models recalled for fuel tank wear

The Mitsubishi Lancer Evolution is famous for its ability to slide at high speed through the dirt in rally stages all over the world, but 1,497 examples of the 2014 and 2015 Evo and Lancer Ralliart are now facing a recall in the US for potential wear to their fuel tanks. According to the National Highway Traffic Safety Administration, the right parking brake cable can rub against the tank, and this can cause a protective coating to come off, leading to rusting or even a possible leak. NHTSA documents (as a PDF) report no actual claims of this happening, though. To rectify the problem, Mitsubishi dealers will replace the right parking brake cable on all of the affected models. While doing the work, they'll also inspect the fuel tank, and if worn, it'll be switched out, as well. Notifications to customers will go out in the next couple of weeks, according to Mitsubishi spokesperson Alex Fedorak to Autoblog. RECALL Subject : Parking Brake Cable Contacting Fuel Tank Report Receipt Date: AUG 31, 2015 NHTSA Campaign Number: 15V546000 Component(s): FUEL SYSTEM, GASOLINE , PARKING BRAKE Potential Number of Units Affected: 1,497 All Products Associated with this Recall Vehicle Make Mode lModel Year(s) MITSUBISHI LANCER EVOLUTION 2014-2015 MITSUBISHI LANCER RALLIART 2014-2015 Details Manufacturer: Mitsubishi Motors North America, Inc. SUMMARY: Mitsubishi Motors North America, Inc. (Mitsubishi) is recalling certain model year 2014-2015 Lancer Evolution vehicles manufactured January 31, 2014, to September 5, 2014, and 2014-2015 Lancer Ralliart vehicles manufactured February 3, 2014, to September 5, 2014. The affected turbocharged vehicles have a right parking brake cable that may contact the fuel tank, wearing away the tank's protective coating. CONSEQUENCE: Without the protective coating, the fuel tank may rust and leak. A fuel leak in the presence of an ignition source increases the risk of a fire. REMEDY: Mitsubishi will notify owners, and dealers will replace the right parking brake cable, and inspect the fuel tank, free of charge. If the fuel tank's exterior coating shows signs of damage from abrasive contact with the right parking brake cable, the fuel tank will also be replaced, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Mitsubishi customer service at 1-888-648-7820. Mitsubishi's number for this recall is SR-15-009.

Europe on track to buy more PHEVs than hybrids by 2019

LMC Automotive, formerly the forecasting division of J.D. Power & Associates, predicts that plug-in hybrids will sell better than conventional hybrids by 2019. By 2021, it envisions PHEV sales at 600,000 units yearly compared to 325,000 standard hybrid sales, and by 2024 PHEV sales are expected to account for 1.2 million sales every year. Part of LMC's prediction is based on a few factors, such as that it believes "electric-only operation will come to be seen as a true luxury characteristic and will be prized sufficiently to command significant premiums." Certain PHEVs are helped in countries like the UK and The Netherlands by generous incentives or other perks, like avoiding inner London's congestion charge, that allow them to address their price differences compared to standard offerings. And the number of PHEVs on the market will soon eclipse regular hybrids, coming from makers across the spectrum. Volvo has twice recently, and only belatedly, learned of the popularity of PHEVs: in 2013 it had to triple production of the V60 PHEV, and just this month it said demand for its XC90 PHEV is four times expectations. The Porsche Panamera E-Hybrid is outselling the traditional hybrid Panamera by more than seven-to-one. And then there's Mitsubishi Outlander PHEV, Europe's best-selling PHEV with 19,855 units, a volume more than three times larger than the second-best seller. Although LMC sees hybrid growth slowing, they're still doing well. Toyota and Lexus build the top-five selling traditional hybrids in Europe, combining for 72 percent of European sales, with the new Auris and Yaris hybrids alone selling 123,506 units in 2014. For LMC's forecast to come true, Europe will need a spectacular change in buying habits, since the top ten conventional hybrids tallied 175,847 sales in 2014, and the top ten PHEVs rang up 36,138 sales. Featured Gallery 2015 Volvo XC90 T8 View 14 Photos News Source: Automotive News - sub. req. Green Mitsubishi Toyota Volvo Hybrid ev sales hybrid sales toyota auris hybrid toyota yaris hybrid