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Mitsubishi CEO vows to stay in US on heels of Suzuki's departure

By now, you're surely aware that Suzuki is pulling out of the US market. It was a bit of a foregone conclusion to most who've been paying attention to the automotive realm, but it still sent a small shockwave through the industry. And one of the most oft-heard retorts goes something like this: "Next up: Mitsubishi."
It's easy to understand why many question Mitsubishi's existence in the States. After all, now that Suzuki is gone, Mitsubishi is the Japanese automaker with the fewest sales in America. Furthermore, the automaker's market share has dropped from .7 percent to just .4 percent after seeing sales fall 29 percent to 50,103 units through October.
In any case, Mitsubishi fans needn't worry. Speaking to Automotive News, Mitsubishi President Osamu Masuko said, "We have no intention whatsoever of withdrawing from the US market." That's about as clear as clear can get. It's also worth mentioning that Gayu Uesugi was just named chairman of Mitsubishi Motors North America, and his main responsibility will be to revitalize the brand in the US.

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.

Your 2013 Pikes Peak Hill Climb primer: "Donuts at 14,000 feet."

The teams have all set up their pits and paddocks for today's run of the 91st Pikes Peak International Hill Climb, and there's nothing left to do but take a shot at the title. At 8 am Mountain time (9 am EST / 7 am PST), the first of a field of 83 bikes and 63 cars - whittled from an original field of 157 - will race 12.42 miles through 156 turns from the start gate at 9,390 feet to the summit finish at 14,110 feet. The summit is where we'll be all day, having arrived on the media bus at around 5 am and not allowed to come down until the race is finished. If it's anything like last year that could mean a 14-hour day on the top munching on donuts at the summit café, begging for hits of pure oxygen and trying to stay hydrated and warm...
Here are the event with Hyundai, we enjoyed dinner with Rhys Millen got his take on what's happened and what's about to happen. Millen said the issue that caused his engine swap last week was minor, a head gasket (a production part) that was causing a bit of hesitation and a slight drop in top speed. He said it's the first time they've stressed the engines this hard, pushing boost pressures up to 19 psi at altitude, which equates to 25 psi at sea level. Offering testament to the strength of the engines, though, he said that Paul Dallenbach's engine did the entire 2012 drift season as well as Pikes Peak, and it's the engine being used again for the hill climb this year.
We also chatted with Dallenbach, who has come back from that beastly crash last year in the Unlimited category to lead almost every practice day this year in the Time Attack class. Telling us he's happier behind the wheel this year than he has been in 20 years, he asked us, "Know what my dashboard says when I turn the car on? 'Donuts at 14,000 feet.'"