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Mitsubishi slashes annual profit forecast on slowing car sales

TOKYO — Mitsubishi Motors on Wednesday cut its full-year profit outlook by 67% as it expects sluggish demand in North America and China will continue, while a strong yen and research and development costs will also hurt the automaker's bottom line. Japan's sixth-largest automaker now expects operating profit to come in at 30.0 billion yen in the year to March, down from a previous forecast for 90.0 billion yen. The new outlook would be Mitsubishi's lowest profit since the year ended March 2017. The downgrade comes after Mitsubishi, in which Nissan holds a controlling stake, reported a 78% plunge in operating profit during the July-September quarter to 6.3 billion yen, lower than a mean forecast for 16.26 billion yen from analysts polled by Refinitiv. It joins a growing number of Japanese automakers which are bracing for lower profitability. Earlier on Wednesday, Subaru lowered its annual profit forecast due to a stronger yen and a cut in domestic output due to a major typhoon last month. Mazda and Suzuki have also cut their respective outlooks within the past month due to slowing demand for their cars. Earnings/Financials Mitsubishi

Mitsubishi Outlander PHEV sales reach 33,000 worldwide

It can be difficult to see from the US, where the Mitsubishi Outlander Plug-in Hybrid is not yet available, but the all-wheel drive SUV is a big hit in Europe and Japan. In fact, we learned at the Plug In 2014 Conference in San Jose, CA this week that Mitsubishi has sold over 33,000 copies of the PHEV around the world. The breakdown is that Mitsubishi has delivered 15,000 units in Japan and 18,000 in Europe. Fuminori Kojima, Mitsubishi Motors North America's senior manager of incentives, told AutoblogGreen that the country with the highest sales rate in Europe is Holland, with about 6,000 units sold that thanks in part to generous incentives for plug-in hybrids there. The Euro-spec version on hand in San Jose has three regen levels (the normal D mode, plus B1 and B2). We got to take a spin around the block, but the battery was mostly depleted (it was a popular attraction in the Ride & Drive) and so we were driving on gas. In the gallery from Plug In 2014, you'll note that the Outlander PHEV requires at least 95 octane (RON) unleaded fuel, which is 91 octane (AKI) premium fuel in the US. We don't know what the US version will need, but we've heard it will be "completely different." The Outlander has a 12-kWh battery and should have an EV range of around 30 miles. Whether or not it will have a CHAdeMO fast-charging port in the US is still undecided, as is the question of whether it will have a 3.3 or 6.6 kW onboard charger. The timeline Kojima gave for the Outlander's US arrival was October or November of 2015, since the SUV still needs to be tested and homologated for the US, Kojima said, but the real problem is that Mitsubishi can't build enough. "The battery production capacity is limited," he said. "So that's why, [the] first [focus is the] domestic market and Europe showed more demand." As as an example, he mentioned not only the incentives but also said that the charging infrastructure is more built up in Europe. "We'd like to have it [in the US ] as soon as possible, of course," he said. According to numbers from the European group Transport And Environment (see press release and sales chart below), overall plug-in vehicle sales have been doubling each year since the new breed was introduced in 2010. Last year, almost 50,000 plug-in vehicles were sold in the EU, with the Renault Zoe EV, Outlander PHEV and Volvo V60 Plug-in at the top of the pack.

Mitsubishi developing new standalone hybrid Evo successor

Mention the name Mitsubishi to different people and you'll likely get two startling different images. Environmentalists will focus on the company's strides in developing EVs, while performance enthusiasts will point you toward the Lancer Evolution. The prevailing wisdom was that Mitsubishi would cancel the latter to concentrate on the former, but the latest intel suggests that the two will be reconciled with a new Evo around the corner.
Although Mitsubishi is reportedly working to streamline its lineup from 23 models on 12 different platforms to 13 models on 7 by 2016, the next Evo will stand as an exception. Like Subaru did with the formerly Impreza-based WRX (or for that matter Nissan with the formerly Skyline-based GT-R), the new Evo won't have anything to do with the next Lancer, which itself will be based on a Renault-Nissan platform.
On that unique platform, Mitsubishi is likely to install a small direct-injection turbo engine (potentially a diesel) that could be based on the 1.1-liter, three-cylinder turbo engine in the XR-PHEV concept we saw in Tokyo, supplemented by small electric motors with lightweight batteries and driving all four wheels through an enhanced version of the company's Super All-Wheel Control system. As to whether the Evo name will carry over, that remains to be seen, but if these reports prove accurate, its spirit could very much live on.