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Posts Tagged ‘mitsubishi news’

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.

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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…)

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…)

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.”

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Renault-Nissan-Mitsubishi Alliance Creating $200M Mobility Tech Fund

Franco-Japanese alliance also setting up new robo-taxi project.

by on Jan.05, 2018

Carlos Ghosn, CEO of the Renault-Nissan-Mitsubishi Alliance, will discuss plans for its $200 million mobility tech fund at CES.

These are challenging times for even the most well-funded automakers. The industry is expected to change more during the next decade than it has during the last century, and carmakers need to stay on top of technologies such as electrification, connected cars and autonomous vehicles, never mind business shifts, such as the rise of car- and ride-sharing services such as Car2Go, Uber and Lyft.

That’s leading the Renault-Nissan-Mitsubishi Alliance to set up a $200 million mobility tech fund, according to a report by the Reuters news service. The alliance’s CEO Carlos Ghosn is expected to announce details during a news conference at the Consumer Electronics Show in Las Vegas early next week.

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Separately, officials with the Franco-Japanese alliance announced plans to set up a consortium aimed at putting robo-taxis into commercial use. Among other things, that could include existing ride-share services like Uber and Lyft, as well as Waymo which is developing its own autonomous and driverless technologies. The Google spinoff has said it does not plan to produce its own vehicles. (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…)

Mitsubishi Gaining Sales Momentum in US

New products helping to keep dealers excited.

by on Dec.07, 2017

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

Mitsubishi joined the Renault-Nissan alliance a little more than a year ago and the change has given the automaker an enormous lift, according to executives from Mitsubishi Motors North America.

The shift has boosted the spirits of dealers, given the company more clout while buying ads and within three years Mitsubishi expects new products, developed by the alliance, will start showing up in Mitsubishi showrooms around the country, said Don Swearingen, MMNA executive vice president and chief operating officer.

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The first product from the alliance will roll out in 2020 as 2021 model, Swearingen said. At the same, time the company will be sharing its plug-in hybrid technology with Nissan. In turn, Renault-Nissan will provide Mitsubishi with battery electric vehicles, he said.  (more…)

Toyota Earnings Soar as Yen Sinks

Japanese giant raises full-year forecast despite weaker U.S. demand.

by on Nov.07, 2017

Sales of the RAV4, including the new hybrid shown here, have picked up while sedan demand tumbles.

A weak Japanese yen translated into strong earnings for Toyota Motor Corp. during the July-September quarter and has the automaker forecasting improved earnings for the current fiscal year despite sliding sales in North America, its key market.

For the second quarter in Toyota’s fiscal year, earnings rose to 481.21 billion yen, or $4.2 billion, compared with 410.77 billion yen a year earlier. Toyota is now forecasting it will earn 1.95 trillion yen during the fiscal year ending next March 31, or $17 billion at the current exchange rate. It delivered earnings of 1.75 trillion yen, or $15 billion last year.

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Separately, Mitsubishi Motors Corp. delivered an unexpectedly solid profit, reversing the losses its suffered in the wake of revelations that it had cheated on vehicle mileage tests. The resulting scandal led to the small Japanese maker’s takeover by Nissan Motor Co. last year.

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