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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:

Chrysler recalling 67k trucks with manual transmissions

Earlier this month, Chrysler announced the recall of some 280,000 pickup trucks over concerns that their axles could seize up. Now the automaker has announced an entirely separate recall of another 66,819 trucks over the springs that could break in the clutch ignition interlock switch. The recall affects Dodge Ram 1500, 2500 and 3500 pickups, as well as the Dodge Dakota and Mitsubishi Raider. The issue is relevant only to those trucks fitted with manual transmissions, from the 2006 and 2007 model years and manufactured between July 1, 2005, and July 31, 2006. Since a broken spring could, according to statements issued by the National Highway Traffic Safety Administration and FCA US LLC (previously known as the Chrysler Group) prevent the vehicle from starting, or cause it to move unintentionally once the ignition kicks over, the automaker will begin notifying owners of the affected vehicles just before Valentine's Day to bring their trucks into their local dealers to have the clutch ignition interlock switch replaced. FCA emphasizes, however, that the unintended movement would only occur "in rare cases" and only "if recommended starting procedures are not followed." Only one such case is known to have occurred, but it did regrettably result in a fatality. Statement: Clutch Ignition Interlock Switch December 29, 2014 , Auburn Hills, Mich. - FCA US LLC is launching a voluntary global recall of an estimated 66,819 older-model pickup trucks equipped with manual transmissions. The Company will replace their clutch ignition interlock switches at no charge to customers. An investigation by FCA US engineers discovered switches in certain model-year 2006 and 2007 pickups may be equipped with spring wire that differs from wire used in previous switches. The alternate wire may break and, as a result, the vehicles may not start. In rare cases, a vehicle may – if recommended starting procedures are not followed – exhibit unintended movement when its ignition key is turned. The Company is aware of one fatality related to this campaign. It stemmed from the single known accident involving this population of vehicles. The recall covers certain Dodge Dakota, Dodge Ram 1500, 2500, 3500 and Mitsubishi Raider pickups. Switches with the alternate wire were not used in any vehicles produced before July of 2005, or after June of 2006. The Dakota and Raider are no longer in production.

Feds arrest two men accused of smuggling Carlos Ghosn out of Japan in a box

Authorities say this Dec. 30, 2019, image from security camera video shows Michael Taylor, center, and George-Antoine Zayek at passport control at Istanbul Airport in Turkey. Taylor, a former Green Beret and his son, Peter Taylor, 27, were arrested Wednesday in Massachusetts on charges they smuggled Nissan Motor Co. Chairman Carlos Ghosn out of Japan in a box in December 2019, while he awaited trial there on financial misconduct charges. / Getty Images   WASHINGTON — A former Green Beret and his son were arrested Wednesday in Massachusetts on charges they smuggled Nissan Motor Co. Chairman Carlos Ghosn out of Japan in a box while he awaited trial there on financial misconduct charges. Michael Taylor, a 59-year-old former Green Beret and private security specialist, and Peter Taylor, 27, are wanted by Japan on charges they helped Ghosn escape the country in December after he was released on bail. The men were arrested by the U.S. Marshals Service in Harvard and were expected to appear before a judge via videoconference later Wednesday. The tale of the daring escape began on Dec. 28, 2019, when Peter Taylor arrived in Japan and met with Ghosn at the Grand Hyatt Tokyo for about an hour, authorities said. Just before 10 a.m. the next day, Michael Taylor flew into Osaka, Japan, on a chartered Bombardier Global Express jet from Dubai with another man, George-Antoine Zayek, carrying two large black boxes with them. The elder Taylor was experienced with sticky situations. Over the years, he has been hired by parents to rescue abducted children, gone undercover for the FBI in a sting on a Massachusetts drug gang and worked as a contractor for the U.S. military in Iraq and Afghanistan. The last assignment had landed him in a Utah jail for 14 months, caught in a federal contract fraud case that upended TaylorÂ’s family and finances before he agreed to plead guilty to two charges. It's not clear yet how Ghosn hooked up with Taylor. At their arrival, Taylor and Zayek, his Lebanese-born colleague, told airport employees they were musicians carrying audio equipment. Meanwhile, Ghosn, who was out of custody on a hefty bail, headed to the Grand Hyatt in Tokyo and met up with Peter Taylor in his hotel room, authorities said. The elder Taylor and Zayek joined after a brief stop to rent a separate room near the airport. And soon after their arrival, the group left the Grand Hyatt and split up.