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Mitsubishi Motors posts surprise loss as car sales slide

TOKYO — Mitsubishi Motors on Friday posted a surprise operating loss in the third quarter, its worst quarterly performance in more than three years, hurt by falling sales in China, Japan and Southeast Asia, as well as a stronger yen. The carmaker posted an operating loss of 6.6 billion yen ($60.2 million) for the October-December quarter, widely missing an average forecast for a profit of 11.6 billion yen, based on analyst estimates compiled by Refinitiv. It was the firm's biggest loss since the July-September 2016 quarter, when a mileage cheating scandal sapped profits. However, Mitsubishi stuck to an earlier forecast for a 73% drop in full-year operating profit to 30 billion yen in the fiscal year ending in March. The automaker's net loss for the quarter just ended came in at 14.4 billion yen. The fall in quarterly sales was worst in China and at home, while sales also slipped in ASEAN countries, traditionally a stronghold, leading to a 16% fall in global vehicle sales to 320,000 units. The automaker also said it would keep some of its offices in China closed through Feb. 9, as a new coronavirus spreads throughout the country and beyond. The automaking alliance of Mitsubishi, Renault and Nissan on Thursday said they had "no other option" but to drastically improve their joint operations to remain competitive in the fast-changing global auto industry. Related Video:           (Reporting by Naomi Tajitsu; editing by Richard Pullin) Earnings/Financials Mitsubishi

Mitsubishi Pajero Final Edition marks end of Japanese availability

Thirteen years ago, Mitsubishi discontinued the full-size Montero SUV in the U.S., and now the same thing is happening in its home country of Japan where it's called the Pajero. The company is marking the end of availability there with a Pajero Final Edition. Only 700 examples will be built. There isn't a whole lot that separates the Pajero Final Edition from normal ones. It has serial number badging inside, and special stickers on the outside commemorating the SUV's introduction in 1982. One cool feature is a Citizen watch with Final Edition branding that's only available to buyers of this Pajero. For a little extra, customers can opt for an exterior package that adds a rear spoiler, chrome spare tire cover and mud flaps with aluminum plates that spell out Pajero. It comes standard with either a black or tan leather interior, a sunroof, roof rails, cold-weather package, and under the hood a 3.2-liter diesel I4 coupled to a selectable four-wheel-drive system and five-speed automatic transmission. The price for it is 4,530,600 yen, or $40,602 at current exchange rates. Somewhat amazingly, this final Pajero isn't much different from the Montero that left our shores. The exterior has been lightly refreshed over the years with different lights and bumpers, and a more integrated spare tire cover. But it looks otherwise unchanged. The interior does sport more modern trimmings. The U.S. model also used a 3.8-liter gas-powered V6 rather than a diesel, but it did have a five-speed automatic like the current one. For diehard Montero and Pajero enthusiasts, this is a somewhat sad moment, but the good news is that Mitsubishi will continue to offer the SUV in other markets where fuel isn't as expensive and roads can still be seriously nasty.

Honda-Nissan-Mitsubishi alliance completes Japan car industry consolidation

Makoto Uchida (left), president and CEO of Nissan, and Toshihiro Mibe, director, president and representative executive officer of Honda, at a press conference in Tokyo on Thursday. (Getty)   Japan’s carmakers are putting the finishing touches on a combine-and-compete strategy for an automotive age defined by batteries and software, with three manufacturers joining forces to complement a separate Toyota Motor Corp.-led coalition. Honda Motor Co. and Nissan Motor Co. agreed this week to build upon a preliminary deal first reached in March, offering more details of how they plan to work together and also adding Mitsubishi Motors Corp. to the mix. While the companies havenÂ’t yet discussed a capital alliance, forming one is a possibility, Honda Chief Executive Officer Toshihiro Mibe said. The partnership will span joint work on software development, batteries and other electric-vehicle components, as well as EV charging and energy services, the three companies said. Their cozying up to one another follows Toyota acquiring stakes in Subaru Corp., Suzuki Motor Corp. and Mazda Motor Corp., and helping them navigate a fraught era for legacy car companies. Whereas Toyota has tied up with its domestic peers from a position of strength — itÂ’s been the worldÂ’s best-selling automaker for four years running — Honda, Nissan and Mitsubishi each are much smaller players on the global stage. Their coming together is seen as a move by JapanÂ’s government to fortify its auto industry in the wake of China having emerged as the worldÂ’s new No. 1 car exporter. “This is coordinated by the government to build a competitive automaking industry,” said James Hong, analyst at Macquarie Securities Korea Ltd., adding that most automakers in Japan are too small to be able to invest in EVs individually. “It feels like a politically driven alliance.” While the US has had the Big Three — General Motors Co., Ford Motor Co. and Chrysler, now owned by Stellantis NV — and Germany similarly has a trio in Volkswagen Group, BMW AG and Mercedes-Benz, Japan has a much bigger crop of carmakers manufacturing vehicles across the globe. Honda, Nissan and Mitsubishi combined sold about 4 million vehicles globally in the first six months of the year, well shy of the 5.2 million that Toyota sold on its own. While the three touted the potential for generating synergies from working together, executives also acknowledged theyÂ’ll have to overcome contrasts with their compatriots.