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Mitsubishi expects a massive loss this year due to the coronavirus pandemic

TOKYO — Mitsubishi Motors reported Monday a $1.7 billion (176 billion yen) loss for April-June, and forecast more red ink for the fiscal year, as the coronavirus pandemic slammed auto demand around the world. The Japanese automaker had posted a profit of 9.3 billion yen for the fiscal first quarter the previous year. Quarterly sales shrank 57% to $2.2 billion (229.5 billion yen). The maker of the Outlander sport utility vehicle and I-MiEV electric car expects to chalk up a $3.4 billion (360 billion yen) loss for the fiscal year through March 2021, because of the fallout from the outbreak. This would be MitsubishiÂ’s biggest loss in at least 18 years, according to company financial records dating back to 2002. “To pave the way to recovery, the top priority of all executives is to share a sense of crisis with employees to execute cost reductions,” Chief Executive Takeo Kato told reporters. The shaky results come as Mitsubishi MotorsÂ’ alliance partners Nissan and Renault of France work to recover from the downfall of their former chairman, Carlos Ghosn. Ghosn was out on bail, awaiting trial on various financial misconduct allegations in Tokyo, when he fled late last year to Lebanon. He has said he is innocent of the allegations of under-reporting future compensation and breach of trust. Mitsubishi Motors has denounced Ghosn. Mitsubishi officials, in a news conference relayed in a call to reporters, promised a turnaround, pursuing growth in Southeast Asian markets, where its profitability is relatively strong, and building on its strength in four-wheel drive and “off road performance.” They said they expect the companyÂ’s results to recover next fiscal year, once COVID-19 is brought under control. Product development will leverage “synergies” with alliance partners, and labor costs will be cut through pay cuts, hiring freezes and voluntary retirements, the automaker said. Tokyo-based Mitsubishi also said itÂ’s working on innovative technology, such as improved diesel engines, electric vehicles and autonomous driving. Its electric vehicles are a strength as environmental standards continue to toughen, especially in major markets like China, it said. But it warned the outbreakÂ’s impact on auto demand was worse than what the auto market suffered during the 2008 financial crisis and so a recovery will take time.

2023 Mitsubishi Colt name reborn in a hatchback with a familiar design

Mitsubishi is dusting off the heritage-laced Colt nameplate to plant its stake in one of the biggest segments of the European market. The new hatchback is scheduled to make its debut in June, and a dark preview image confirms that it's closely related to the Renault Clio. The teaser keeps most of the Colt's design hidden, but we see enough to tell that it shares more than a passing resemblance with the Clio, which is one of the best-selling cars in Europe. From the shape of the rear lights to the crease in the hatch, the styling cues that characterize the Renault's back end are present on the Mitsubishi. We haven't seen the front end yet, but we're assuming it will be very Clio-esque with the obvious exception of a Mitsubishi logo on the grille. This is badge-engineering rather than leveraging economies of scale, Supra-style. We already have a decent idea of what the specifications sheet will look like. Mitsubishi announced the entry-level engine will be a 1.0-liter three-cylinder rated at about 66 horsepower and bolted to a five-speed manual transmission; European motorists still buy stick-shifts, especially at this price point. Next up is a turbocharged version of the triple rated at 90 horsepower and linked to a six-speed manual, while buyers who want a hybrid will be able to pay extra for a 141-horsepower gasoline-electric drivetrain that consists of a 1.6-liter four-cylinder engine, a pair of electric motors, and an automatic transmission. Like the Clio, the Colt will exclusively be available with front-wheel-drive. Built by Renault in Turkey, the new Mitsubishi Colt will make its debut on June 8. It doesn't sound like the hatchback will be sold in the United States. Renault hasn't homologated the Clio in our market, and the segment that the Colt would compete in is microscopic at best, at least in the U.S. When it lands, the Colt won't be the only Renault-designed Mitsubishi: the second-generation ASX launched recently is a re-badged Captur. Although badge-engineering brings with it a big bag of controversy, this is the only way Mitsubishi can justify a presence in Europe. Never spectacularly popular across the pond, the Japanese firm told its dealers in 2020 that it would exit the European and British markets. It hasn't returned to the United Kingdom, but the Renault-built Colt and ASX allowed it to keep selling cars in Europe while keeping costs in check.

2017 Mitsubishi Outlander PHEV arrives in the US after a long wait

After years of delays, the 2017 Mitsubishi Outlander PHEV will finally go on sale in the US this fall, and the plug-in hybrid crossover will make its debut to the US public at the New York Auto Show. The model was originally supposed to arrive here in 2014, but various problems kept pushing back the date. The Outlander PHEV uses a 2.0-liter four-cylinder engine and an electric motor at each axle. A 12-kWh lithium-ion battery stores the energy. Depending on what the driver demands, the system can operate in three modes: full EV, series hybrid where the combustion engine acts as a generator for the battery, and parallel hybrid where the engine and motors work together. Mitsubishi isn't discussing US output or economy yet. Compared to the version in Europe and Japan, the company plans to tweak the Outlander PHEV for this market. The changes include things like removing support for CHAdeMO charging to due a lack of support here. When Mitsubishi showed the PHEV to journalists earlier this year, the styling was nearly identical to the standard Outlander. The only minor changes were the addition of the charging port and different badges. The Outlander PHEV will also be available with an array of safety and infotainment tech. For example, customers will be able to order a multi-camera system, Forward Collision Mitigation with pedestrian detection capability, Blind Spot Monitoring with Rear Cross Traffic Alert, and an infotainment system with Apple CarPlay and Android Auto. MITSUBISHI OUTLANDER PHEV MAKES U.S. DEBUT AT THE 2016 NEW YORK INTERNATIONAL AUTO SHOW • 2017 Mitsubishi Outlander PHEV to go on sale in United States in fall 2016 • Already the top-selling PHEV in Europe, Outlander PHEV is the world's first plug-in hybrid SUV • Outlander PHEV delivers SUV capabilities and EV fuel economy NEW YORK, NY March 24, 2016 – Mitsubishi Motors North America, Inc. (MMNA) today showed the much-anticipated production model of the all-new 2017 Mitsubishi Outlander Plug-In Hybrid Electric Vehicle (PHEV) at the 2016 New York International Auto Show. The Outlander PHEV is a perfect culmination of Mitsubishi's history of automotive excellence: 50 years of electromobility and decades of four-wheel drive technology honed on the international rally circuit. Featuring a highly efficient 2.0-liter gas engine and two high-performance electric motors, and Mitsubishi's superior Super All-Wheel Control (S-AWC) system, the Mitsubishi Outlander PHEV is a very capable PHEV.