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Archive for the ‘Mitsubishi’ Category

Mitsubishi Motors Profits Rebound Big in FY17

Third leg of Alliance enjoys turnaround year.

by on May.11, 2018

The new Mitsubishi Eclipse Cross is helping to draw new buyers to the Japanese brand.

Once considered an also ran, Mitsubishi Motor Co has found new life on the heels of its alliance with Renault and Nissan.

Mitsubishi Motors reported net sales were up 15% year-on-year to 2.19 trillion yen, or $20.1 billion, for Fiscal Year 2017, ending March 31, 2018. Operating profit rose sharply to 98.2 billion yen, or $899.5 million, representing an operating margin of 4.5%, compared with an operating profit of 5.1 billion yen, or $45.8 million, in the same period of Fiscal Year 2016.

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The company generated net income of 107.6 billion yen, $988.3 million, for the latest 12-month period, reversing a net loss of 198.5 billion yen, or $1.8 billion, in the prior fiscal year, the company reported. (more…)

Popular Ford Escape Flunks IIHS Crash Test

Five of Seven small SUVs earn good ratings.

by on Apr.04, 2018

The Ford Escape received the worst score yet among small SUVs in the IIHS small overlap test.

Ford Motor Co. is setting sales records with its broad SUV fleet, but a new report from the Insurance Institute for Highway Safety could lead potential buyers to question the benefits of one of the maker’s most popular ute offerings.

The compact Ford Escape was the only of seven small SUVs to receive a “Poor” rating in the latest IIHS test for occupant protection, though the Mitsubishi Outlander Sport managed an only slightly better “Marginal” rating in the small overlap front crash test – which is designed to simulate what happens when a vehicle clips a pole, a tree or the corner of an oncoming vehicle.

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Ford’s shortfall reflects a curious decision made with the update of the 2017 model-year, according to officials with the insurance trade group. The automaker upgraded the driver’s side of the Escape, which passed the small overlap test. But not the passenger side which was badly compromised and likely would have resulted in serious injuries if a human, rather than a crash dummy, was in the seat.

(more…)

Nissan’s Fred Diaz to Run U.S. Operations for Mitsubishi

Move comes as Nissan consolidates control of smaller Japanese automaker.

by on Feb.28, 2018

Mitsubishi's got a new U.S. chief Fred Diaz, who comes over from Nissan.

In something of a surprise move, Nissan is shifting senior marketing executive Fred Diaz to Mitsubishi where he will become the troubled Japanese automaker’s U.S. chief executive.

The announcement comes at a time when the bigger Japanese automaker is consolidating its control of Mitsubishi, in which it took a controlling stake in 2016 following a series of scandals that nearly pushed Mitsubishi into bankruptcy.

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“With his in-depth background and experience in North America, Fred has a strong ability to proactively engage with Mitsubishi Motors’ dealers and customers as we aim to expand our dealership network, enhance our brand and drive sales growth,” Mitsubishi’s U.S. COO Trevor Mann said in a statement. (more…)

Update: Ghosn Successor Plan Wins Thumbs Up from French Government – But Support Comes with Stiff Price

France demanding Renault formally merge with Japanese ally Nissan.

by on Feb.12, 2018

Renault-Nissan-Mitsubishi Alliance chief Carlos Ghosn will get the man he wants to succeed him when he retires: COO Thierry Bollore.

Carlos Ghosn’s plan to name his successor later this week has cleared a critical hurdle despite creating some turmoil – including the resignation of one of French automaker Renault’s senior board members.

The French government, which owns a major stake in Renault, now says it will accept Ghosn’s plan to appoint Thierry Bollore as the carmaker’s chief operating officer and his heir-apparent. But the government also said that it wants an agreement that Ghosn will push to form an “integrated” company – translation: a merger – with Japan’s Nissan, rather than the current alliance structure. Ghosn has long preferred to see the two companies coordinate efforts but remain independent.

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Ghosn, who will turn 64 next month, is expected to be given another four-year contract as chairman, CEO and president of Renault in June, but naming Bollore his successor “is perfectly acceptable to the French shareholder,” according to a source in the government’s finance ministry who spoke to the Reuters news service on Monday. (more…)

Mitsubishi Recalls 227K for Sunroof, Parking Brake Issues

Dealers will begin repairs in late March.

by on Feb.02, 2018

Mitsubishi is recalling 227,000 cars, including Lancers, to resolve a couple of defects.

Mitsubishi’s ongoing comeback in the U.S. has hit a rough patch as the automaker announced a recall of nearly 227,000 vehicles in the U.S. to fix glass sunroofs that can fly off and parking brakes that may fail.

The sunroof recall covers about 57,000 Outlanders built from 2007 to 2010, Lancers from 2008 to 2010, Lancer Evolutions from 2009 and 2010, and 2010 Lancer Sportbacks. The sunroof glass can detach while the vehicle is in motion and become a hazard.

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Dealers will replace the glass at no cost to the customer. (more…)

Renault-Nissan-Mitsubishi Take Global Sales Lead

VW slips to second, Toyota to third.

by on Jan.30, 2018

Carlos Ghosn, shown at the debut of the latest Maxima, has turned the Renault-Nissan-Mitsubishi Alliance into a global juggernaut.

The global auto industry has a new king-of-the-hill, the Renault-Nissan Alliance, which got a helping hand with the inclusion of the long-troubled Japanese automaker Mitsubishi.

Combined together, the three members of the Franco-Japanese alliance sold 10.61 million vehicles during 2017, narrowly topping Germany’s Volkswagen AG. Toyota, which had led the sales charts for much of the past decade before itself being toppled by VW last year, slipped into third.

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“This evolution reflects the breadth and depth of our model range, our global market presence and the customer appeal of our vehicle technologies,” said Carlos Ghosn, the chairman and CEO of the Renault-Nissan-Mitsubishi Alliance and CEO of both Renault and Mitsubishi.

(more…)

Mitsubishi Building on Strong 2017 Finish

Maker ready with new product, improving image.

by on Jan.12, 2018

Mitsubishi Motors North America EVP Don Swearingen says the brand has big expectations for 2018.

Mitsubishi emerged from 2017 as the fastest growing non-luxury brand and is pushing into 2018 with momentum thanks to a combination of new product, new advertising that has elevated the brand’s visibility in the U.S. and the support of the Renault-Nissan-Alliance.

“2017 was a challenging year for the industry, however, Mitsubishi was able to defy the trend and prove that it has the right products at the right time,” said Don Swearingen, executive vice president and chief operating officer, MMNA.

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Swearingen, however, noted during a press gathering in Detroit on the eve of the North American International Auto Show that Mitsubishi’s CUV line-up posted banner sales, up 15% over 2016. (more…)

Renault-Nissan-Mitsubishi Alliance Creates $1 Bil Venture Fund

“We can’t everything ourselves,” says Ghosn.

by on Jan.10, 2018

The new fund is expected to invest about $200 million annually in new technology and services.

The Renault-Nissan- Mitsubishi Alliance will invest around $1 billion over the next five years to help it fund start-ups and other small tech companies that can help it bring to market electrified, connected and autonomous vehicle technologies, Alliance CEO Carlos Ghosn announced Tuesday.

The corporate venture capital, or CVC, fund is intended not only to give the Franco-Japanese alliance access to potentially breakthrough technology but to help it make decisions more quickly than is normally the case for a big corporation, Ghosn said during a news conference at the Consumer Electronics Show in Las Vegas.

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“We can do everything ourselves,” explained the Brazilian-born executive. “We have to get access to people who think about things in different ways.”

(more…)

First Drive: 2018 Mitsubishi Eclipse Cross

Struggling automaker pins comeback hopes on new compact crossover.

by on Dec.20, 2017

The new Mitsubishi Eclipse Cross sees the company seizing on the rising trend favoring compact crossovers.

The death of small cars has been greatly exaggerated, particularly since they have been morphing into small crossovers that are becoming more and more popular.

Mitsubishi is seizing on this trend with the introduction of the 2018 Mitsubishi Eclipse Cross; a small crossover vehicle with a flat floor so it’s technically a truck but it combines a stylish contemporary exterior with the quickness and maneuverability of a compact car.

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The name basically tells the story. The Eclipse was a sporty compact that as popular with buyers years ago while the Cross indicates the vehicle has been completely revised as a crossover for buyers, many of them way too young to remember Mitsubishi’s glory days, who are looking for an affordable vehicle today. (more…)