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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.

2014 Pikes Peak Hill Climb: Practice Day 3

Greg Tracy's MiEV Evolution III topped the time sheets almost 14 seconds ahead of third-place Monster Tajima.
On Thursday, qualifying times for six categories were set on the bottom-section switchbacks of Pikes Peak: Electric Modified - near-unlimited showcases of electric-vehicle engineering; Electric Production - electric vehicles "readily available to the public;" Open Wheel - single engine, open wheeled, open cockpit, single seat vehicles; Open - based upon a production or approved-aftermarket-replica vehicle; Exhibition - a prototype or pre-production vehicle limited to one year of eligibility in this class; and Vintage - vehicles and drivelines from 1990 or earlier.

6 cars that are eligible for import to the U.S. in 2023

For car enthusiasts, the most exciting part of ringing in a new year is watching the list of import-eligible cars grow. Federal regulations make bringing a late-model car from Europe or Asia mind-bogglingly difficult, but these barriers fall as soon as a vehicle turns 25. There's no need to slash through a jungle of red tape; simply ship your dream forbidden fruit over, pay import duties, and in most states you're good to park a fresh import car in your garage. Of course, you need to locate any car you're considering importing, whether it's on this list of cars you can import in 2023 or not. A quick search of the internet will show that there are a lot of places that specialize in sourcing cars to import into the United States, and while we don't have any firsthand experience with any of them, we can point out a few well-known import car dealers, including some at auction. Duncan Imports and Classics bills itself as "America's Largest JDM Dealer" and keeps a large inventory of vehicles that have already been brought into the States. The Import Guys boast options to ship and finance worldwide, Davey Japan claims to have exported over 50,000 vehicles from Japan, and Goonet Exchange says it's operated by "Japan's largest used car information site." Japanese site Be Forward lists a staggering 10,949 online reviews at the time of writing with an average score of around 4.5 out of 5 stars. If your new year's resolution is to buy a car from overseas, here are some of the highlights from 2023's crop of importable cars. Keep in mind that some of these import cars were introduced in 1997 but didn't enter production until 1998, while others made their debut late in the year. And without further ado, here is a list of six cars that are eligible for import to the U.S. in 2023 that are worth noting. Cars that are eligible to import into the U.S. in 2023 Alfa Romeo 166 Developed to replace the 164, the 166 stands out as Alfa Romeo's last true flagship sedan; it wasn't directly replaced. It shares its front-wheel-drive platform with the Lancia Kappa but the two cars look nothing alike. Alfa Romeo gave the big sedan a smooth, relatively elegant design that borrows several styling cues from the smaller 156.