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Mitsubishi fuel economy scandal will result in $1.39 billion loss

The fuel economy scandal revealed a couple months ago will cost Mitsubishi Motors a pretty penny. According to The New York Times, the Japanese automaker predicted the fiscal year 2016 will result in a loss of 145 billion yen, or $1.39 billion. We won't know for sure until March rolls around. The prediction is even more striking when compared to Mitsubishi's performance during the last few years. It will be Mitsubishi's first reported loss in eight years. In 2014, Mitsubishi reported a global profit of $1.2 billion, which doubled the profits of the previous year, and in the spring of 2015 the US arm of the manufacturer reported its first profits in seven years – $4.18 million. For a little while there, it seemed like things were looking really good for Mitsubishi, but past flaws caught up with it. Some of the models built have had their fuel economy readings rounded by as much as 15 percent, due to the way running resistance is calculated in laboratory conditions. Nissan swept in to buy one third of Mitsubishi, and under the Renault-Nissan alliance it is likely Mitsubishi will be put on a crash course to clear its name and start turning a profit again. But the bad publicity caused by the scandal will probably mean it'll be far in the future. Related Video:

2017 Mitsubishi Outlander PHEV will debut in New York

Mitsubishi is betting big on crossovers and EVs, and some promising stuff is in store for the end of this decade. But in the very near future, the first product in Mitsubishi's EV/CUV strategy will launch in the US: the 2017 Outlander PHEV will finally bow at the New York Auto Show in March. I say "finally" because Mitsubishi already offers a plug-in Outlander in other markets, and overseas the PHEV crossover is off to a great start. Mitsubishi is seeing "great success in Europe," according to Ken Konieczka, the company's VP of sales operations. And when the Outlander PHEV launches in the US later this year, Konieczka thinks it'll attract a lot of new buyers to the Mitsubishi brand. I got to see the 2017 Outlander PHEV at a small event in Detroit on Thursday. It's the only one in the country, and still has to undergo some more testing and development before the CUV ready for the spotlight. Perhaps that's why Mitsubishi parked it in a dark corner of Detroit's Garden Theater. Compared to the regular Outlander you see pictured here, the PHEV doesn't look all that different save some badges on the tailgate and front fenders and, of course, the charging port. But that's not all Mitsubishi has in store for New York. The Mirage G4 sedan will also bow at that show, after its Canadian introduction at the Toronto Auto Show in February. Like the Outlander PHEV, the Mirage G4 already exists in other markets, and Mitsubishi says it has the largest interior volume of any sedan in its class. More information about both models – including pricing and specifications – will be available when both cars hit the Javits Center stage in March.

2014 Mitsubishi Mirage

This could have been something great. Last fall, Mitsubishi slapped its triple-diamond badge on a dainty little hatchback called Mirage, offering plenty of functionality and 44 miles per gallon on the highway, all starting at a super-low $12,995. For budget shoppers, this seemed to be a good thing - not to mention a much-needed breath of fresh air for the company's waning US automotive arm.
I will fully admit to being a bit harsh on the Mirage following its debut at the 2013 New York Auto Show, often making it the butt of jokes with my colleagues. But at the end of the day, I love cheap, basic, honest little cars like this, and I wasn't prepared to write off the Mirage until I spent some time behind the wheel. After all, on paper, a Mazda2 looks pretty unremarkable, and yet it's one of my favorite small cars to drive.
Much as I wasn't looking forward to putting my foot in my mouth, I was sort of hoping to feel the same way about the new Mirage. It's a bland package, but it could have been filled with the same spunky spirit and well-meaning composure of vehicles like the aforementioned Mazda, or even stuff like the Honda Fit or Chevy Spark and Sonic.