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Mitsubishi reports an 89% drop in annual profit

TOKYO — Mitsubishi will focus on cutting fixed costs by 20% or more in the next two years after reporting an 89% drop in annual profit, its weakest performance in three years, and skipping its year-end dividend. The coronavirus crisis has exacerbated Mitsubishi's struggles in a year where Japan's sixth biggest carmaker was already battling falling sales in China and also southeast Asia, its largest market which accounts for one-quarter of sales. Mitsubishi also said on Tuesday it would focus on growth in ASEAN countries to survive the aftermath of the pandemic. "Before the virus we had been mulling which underperforming regions and vehicle segments to cut our exposure to," CEO Takao Kato told a results teleconference. "In the wake of the virus, we need to pick up the pace of making these changes. To stay competitive in a post-coronavirus market, we need to immediately shrink our area of focus to regions and segments in which we excel." Global automakers are struggling to cope with the crisis, which has pummeled car sales due to lockdowns in many countries. Many automakers have begun to restart vehicle factories, but anemic demand, supply chain disruptions and social distancing measures at factories are expected to limit output. Mitsubishi's operating profit came in at 12.8 billion yen ($119.21 million) for the year to end March, down from 111.8 billion yen a year ago, and its lowest since the year to end March 2017. Profits exceeded a consensus estimate of 9.4 billion yen profit drawn from 15 analysts polled by Refinitiv. The automaker did not give an earnings forecast for the current business year, and did not issue a year-end dividend, compared with 10 yen per share a year ago. The junior member of the automaking partnership between Nissan and France's Renault, sold 1.13 million vehicles globally in the year ended March, down 9%. Mitsubishi will focus on growth in southeast Asia as part of the alliance's plan for each company to expand in their regions of strength. Mitsubishi said it would give more details when it reports first-quarter results. The alliance is expected to announce a revamped strategy on May 27, when it will pledge to increase cooperation to improve joint operations to remain competitive. Related Video:

Mitsubishi recalling 2013 Outlander Sport for suspension issue

Just 305 units of the 2013 Mitsubishi Outlander Sport are the subject of a recall over a potential suspension issue. Crossovers made from January 17-25 of this year might suffer from a bad weld on the front left strut's stabilizer link. If it fails, damage to the brake hose or tire could result, in turn making steering or braking control of the compact CUV more difficult.
When the recall begins, owners can take their Outlander Sports to Mitsubishi dealers for inspection and replacement of the strut assembly if necessary. The National Highway Traffic Safety Administration bulletin below has more information.

Junkyard Gem: 1995 Mitsubishi Diamante Station Wagon

Chrysler sold Dodge- and Plymouth-badged Mitsubishis in the United States starting in the early 1970s, but it wasn't until the 1983 model year that Mitsubishi sold cars under their own name on this side of the Pacific. The Diamante made its American debut for the 1992 model year, but it proved unable to steal many sales from the likes of Lexus and Infiniti and not many were sold. Sure, it was big and comfortable, but SUV and minivan sales soon squeezed most wagons out of the American marketplace. Here's a rare '95 station wagon, spotted in a California yard recently. 240,664 miles on the clock, which is much higher than the not-very-trashed interior might suggest. The owner or owners of this car got their money's worth out of it. The 6G72 3.0-liter V6 went into Chrysler minivans, Mitsubishi 3000GTs, and many members of the extended Chrysler K-Car family; production of this versatile engine continued well into our current century. This one was rated at 175 horsepower. Technically, this isn't a Japanese car, since the Diamante wagons were built in Australia. Rumor has it that some 5-speed Diamante wagons were sold in the United States, but I have never seen one. 1995 was the last year for the Diamante wagon in the United States, and the Camry and Accord wagons soon got the axe as well. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. US-market Diamante ads went for a gauzy-focus Infiniti Q45-ish look. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Meanwhile, Japanese-market Diamante ads got roaring engines, macho voiceovers, and dramatic music. Related Video: Featured Gallery Junked 1995 Mitsubishi Diamante Station Wagon View 14 Photos Auto News Mitsubishi Wagon Classics