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Mitsubishi Mirage will launch in US with three-cylinder engine [w/video]

We have a date with Mitsubishi Mirage (again). The Japanese subcompact is slated to arrive on our shores in September 2013, and it's one of the product offerings meant to help Mitsubishi's US arm raise sales in its next financial year from 55,000 to 80,000. If next year were 1989, we'd say there's no reason that couldn't happen, but from what we've seen, the Mirage is so magnificently meek (have you seen the interior?) that we aren't sure how it will manage that kind of US sales aggression in the 21st century.
Continuing that theme, Car and Driver reports that the Mitsu will launch here with a 1.2-liter, three-cylinder engine. Make no mistake, this is a very popular engine in the Mirage and responsible for its excellent fuel economy. The hatch is doing so well in other markets with its two naturally aspirated tri-cylinders that the Thailand facility that builds the Mirage will have its capacity increased by 33 percent to try and meet demand. In European spec, the 845-kilogram (1,859 pounds) subcompact with the more powerful engine offering 79 horsepower and 78 pound-feet of torque gets 57.3 miles per US gallon and takes 11.7 seconds to get from zero to 62 miles per hour. The question is whether Mitsubishi will boost the output of that engine for our market. If not, only the 70-hp Smart ForTwo will have less horsepower - but the Mirage, interestingly enough, weighs about the same as the microcar.
On its UK site, Mitsubishi said the reveal of the Mirage in back 2011 meant "redefining the standards by which to judge a compact passenger car." We can't wait to find out if that's still true and what that means when it gets here. To prepare yourself, there's video of the Mirage in action below.

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.

Mitsubishi hopes to raise $2.5B with stock sale

Mitsubishi, which dates all the way back to 1870, is one of the oldest business collectives in Japan. Today, the various businesses that share the Mitsubishi name are largely independent of each other. The automotive unit, however, has fallen on hard times over the past few years.
Back in 2004 and 2005, Mitsubishi Motors sold billions of preferred shares to sister companies like Mitsubishi UFJ Financial Group, Mitsubishi Heavy Industries and Mitsubishi Corp. Now the automaker is preparing to buy back those shares, only to raise the capital, it's selling $2.5 billion worth of shares, simultaneously paying stock dividends for the first time in over 16 years.
The stock issue will reportedly include as many as 241 million shares at a value of $10.73 each. The move is part of a long-term reorganization being implemented by the automaker's president Osamu Masuko, and is expected to help the company double its net income and eliminate all outstanding preferred shares by the end of the fiscal year closing in March.