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Mitsubishi expects a massive loss this year due to the coronavirus pandemic

TOKYO — Mitsubishi Motors reported Monday a $1.7 billion (176 billion yen) loss for April-June, and forecast more red ink for the fiscal year, as the coronavirus pandemic slammed auto demand around the world. The Japanese automaker had posted a profit of 9.3 billion yen for the fiscal first quarter the previous year. Quarterly sales shrank 57% to $2.2 billion (229.5 billion yen). The maker of the Outlander sport utility vehicle and I-MiEV electric car expects to chalk up a $3.4 billion (360 billion yen) loss for the fiscal year through March 2021, because of the fallout from the outbreak. This would be MitsubishiÂ’s biggest loss in at least 18 years, according to company financial records dating back to 2002. “To pave the way to recovery, the top priority of all executives is to share a sense of crisis with employees to execute cost reductions,” Chief Executive Takeo Kato told reporters. The shaky results come as Mitsubishi MotorsÂ’ alliance partners Nissan and Renault of France work to recover from the downfall of their former chairman, Carlos Ghosn. Ghosn was out on bail, awaiting trial on various financial misconduct allegations in Tokyo, when he fled late last year to Lebanon. He has said he is innocent of the allegations of under-reporting future compensation and breach of trust. Mitsubishi Motors has denounced Ghosn. Mitsubishi officials, in a news conference relayed in a call to reporters, promised a turnaround, pursuing growth in Southeast Asian markets, where its profitability is relatively strong, and building on its strength in four-wheel drive and “off road performance.” They said they expect the companyÂ’s results to recover next fiscal year, once COVID-19 is brought under control. Product development will leverage “synergies” with alliance partners, and labor costs will be cut through pay cuts, hiring freezes and voluntary retirements, the automaker said. Tokyo-based Mitsubishi also said itÂ’s working on innovative technology, such as improved diesel engines, electric vehicles and autonomous driving. Its electric vehicles are a strength as environmental standards continue to toughen, especially in major markets like China, it said. But it warned the outbreakÂ’s impact on auto demand was worse than what the auto market suffered during the 2008 financial crisis and so a recovery will take time.

Mitsubishi recalls Mirage in snowy states for airbag delay

The Basics: Mitsubishi is recalling 25,185 examples of the 2014-2015 Mirage, built between August 7, 2013, and September 2, 2015, sold or ever registered in states that use salt to melt ice on the road during the winter months. Those include Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, Wisconsin, and the District of Columbia. The Problem: Snow with road salt tracked in on boots could cause a wiring connector to short out behind a kick panel next to the driver's footrest, potentially delaying the deployment of the front airbags. Injuries/Deaths: None reported. The fix: Mitsubishi dealers are being instructed to inspect the electrical connectors, replace any corroded ones, and fit a waterproof sheet to prevent any further corrosion. No timeframe has been set as of yet. If you own one: Try not to track in too much snow. Watch out for the SRS warning light on the dashboard, which will alert you if there's a problem with the airbags. Expect to hear from Mitsubishi Motors North America in due course to arrange for your vehicle to be checked out at a local dealer. Related Video: RECALL Subject : Air Bag Deployment may be Delayed due to Corrosion Report Receipt Date: DEC 04, 2015 NHTSA Campaign Number: 15V815000 Component(s): AIR BAGS , ELECTRICAL SYSTEM All Products Associated with this Recall Manufacturer: Mitsubishi Motors North America, Inc. SUMMARY: Mitsubishi Motors North America, Inc. (MMNA) is recalling certain model year 2014-2015 Mitsubishi Mirage vehicles manufactured August 7, 2013, to September 2, 2015 and originally sold in, or ever registered in, Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, Wisconsin, and District of Columbia. If the driver enters an affected vehicle with their boots covered with snow mixed with road salt, the melting snow may soak through the carpet and cause corrosion to a wiring connector located in a junction box behind a kick panel to the left of the driver's footrest. CONSEQUENCE: In the event of a crash, corrosion of the connector could delay deployment of the frontal air bags, increasing the risk of injury to the driver and the front seat passenger.

Mitsubishi debuts Concept CA-MiEV, a new suburban EV with a 186-mile range

Mitsubishi is stretching the electric jellybean. For years, the i-MiEV was regular presence at Mitsubishi's auto show booths around the world, and the car rightfully earned its nickname because of its rounded shape. Today, at the Geneva Motor Show, Mitsubishi finally unveiled a version of the i-MiEV that looks much more more at home among the alternative-powertrain car fleet of the near future.
But there's more being elongated here than just the shape. The official range of the standard i (as the i-MiEV is known in the US) is 62 miles. The Concept CA-MiEV - where the CA stands for Compact and Advanced - is supposed to be able to go 300 kilometers (186 miles) from a 28-kWh lithium-ion battery and lightweight 80-kW motor/inverter/charger unit. This is kind of astonishing, given the range estimates of other compact and midsize EVs on the market today - most are in the 80-100-mile range. Of course, the specific test used to get the 186-mile result matters, too, since the regular i received 98 miles on the LA4 driving cycle range. The US-i has a 16-kWh pack.
The increased distance means that Mitsubishi is talking about the Concept CA-MiEV as the "suburban EV," with enough range for "about one week of driving for an average European driver." If you need more, Mitsubishi hints that the flat battery pack leaves room for a range-extender. Add in convenience features like WiTricity wireless charging and the ability for the car to send an emergency email if it's stolen, and you've got the commuting vehicle of the future. With a coefficient of drag of just 0.26 and boomerang lights, of course.