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Mitsubishi slashes annual profit forecast on slowing car sales

TOKYO — Mitsubishi Motors on Wednesday cut its full-year profit outlook by 67% as it expects sluggish demand in North America and China will continue, while a strong yen and research and development costs will also hurt the automaker's bottom line. Japan's sixth-largest automaker now expects operating profit to come in at 30.0 billion yen in the year to March, down from a previous forecast for 90.0 billion yen. The new outlook would be Mitsubishi's lowest profit since the year ended March 2017. The downgrade comes after Mitsubishi, in which Nissan holds a controlling stake, reported a 78% plunge in operating profit during the July-September quarter to 6.3 billion yen, lower than a mean forecast for 16.26 billion yen from analysts polled by Refinitiv. It joins a growing number of Japanese automakers which are bracing for lower profitability. Earlier on Wednesday, Subaru lowered its annual profit forecast due to a stronger yen and a cut in domestic output due to a major typhoon last month. Mazda and Suzuki have also cut their respective outlooks within the past month due to slowing demand for their cars. Earnings/Financials Mitsubishi

Mitsubishi Outlander PHEV production restarts after five-month delay

Back in March, production of both the Mitsubishi Outlander plug-in hybrid and the all-electric i-MiEV ground to a halt over a pair of incidents where overheated lithium-ion batteries caused vehicle fires. Following the rocky start, The Japan Times is reporting that production of the Outlander PHEV has recommenced following the five-month stoppage.
The battery fires were tracked down to a supplier issue before more than 4,300 vehicles were recalled in June, but Mitsubishi received heavy criticism from the Japanese government for the delayed recall. According to the report, though, that hasn't slow down enthusiasm for the plug-in crossover - Mitsubishi has received close to 18,000 for the Outlander PHEV. To keep up with demand, the automaker is planning to double production to 4,000 units a month.

Junkyard Gem: 2015 Mitsubishi Mirage Hatchback

Remember the front-wheel-drive Dodge and Plymouth Colts (not to mention the Plymouth Champ and Eagle Summit) of the late 1970s through the middle 1990s? Those were Mitsubishi Mirages, and you could buy them here with Mitsubishi badging from 1985 through 2002. Then, for the 2014 model year, the Mirage returned to North America, as the cheapest new car you could buy here. Now, barely a half-decade later, I'm seeing significant quantities of these Mirages in the car graveyards I frequent. Here's a pretty clean '15 in a yard located within sight of Pikes Peak in Colorado. I began seeing the current generation of Fiat 500 in the cheap U-Wrench yards when those cars hit about six or seven years of age, and the same goes for the Sebring-based Chrysler 200s. The Mirage beats that dubious distinction by a year or two. Really, the only shorter showroom-to-junkyard average interval I've witnessed in my 38 years of junkyard crawling was achieved by the genuinely miserable early Hyundai Excels, which started to be discarded in quantity when they hit about age four; I recall seeing dozens of them in Southern California yards with 25,000 miles on the clock and hardly any interior wear-and-tear. Even the Yugo did better (and this is why I remain amazed by the generally high quality of Hyundai products starting in the early-to-mid 1990s; Hyundai gets my personal "Most Improved Automaker" award for that achievement). That said, I don't agree with the legions of my car-writer colleagues who love to trash the humble Mirage. I reviewed the 2014 Mirage, and then— just because I feel such affection for cheap commuter-mobiles— went back and wrote up the 2017 Mirage GT. These cars aren't much fun to drive, they have decidedly low-rent interiors, and you don't look like a serious car expert when the masses see you behind the wheel of one. And yet, if you're 22 years old in your first "real" job and you'll get canned if you're late even once, choosing a new car with a strong warranty, with non-ball-busting credit terms and a somewhat lower monthly payment than those other subcompacts that provide more road feel when you're at the limit of the performance envelope, you know, when you're trail-braking for a late pass on your favorite two-lane freeway offrampÂ… well, the Mirage looks like a pretty good deal on a transportation appliance.