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No one wants to buy Mitsubishi's only US plant

Mitsubishi Motors will very likely close its factory in Normal, IL, later this year after failing to find another company in the auto market to take over its only manufacturing site in the US. "We have given up looking for an automaker to buy the plant, but we are looking for possible buyers from other industries," a Mitsubishi spokesperson told Reuters. Mitsubishi announced plans to leave the site in 2015 to shift its business strategy toward Asia. The factory started as a joint venture with Chrysler in 1988 and was the only plant from a Japanese automaker in the US with a UAW-represented workforce. This was allegedly a sticking point when finding a buyer because other companies in the industry didn't want to take on the union employees' contract. The Normal factory ended assembly of the Outlander Sport in November 2015 and laid off 1,000 workers at that time. The site will continue to make car parts until May, and then Mitsubishi will let go of the remaining 250 employees. The costs of shutting down the factory could be as high as 30 billion yen ($255 million), but a company spokesperson wouldn't confirm that figure to Reuters. Mitsubishi's fortunes seem on the upswing in the US as of late. The company's deliveries jumped 22.8 percent in 2015 to a total of 95,342 vehicles, and the last fiscal year brought the automaker's first operating profit in this region in seven years. Related Video:

2017 Tokyo Motor Show | Mega Gallery

The 2017 Tokyo Motor Show has been a big and busy one. It's also had machinery ranging from beautiful to bizarre. But there's been something for everyone. Companies such as Honda and Subaru brought performance oriented vehicles, Toyota showcased a wide array of funky and practical concepts, and Yamaha even broke away from motorcycles to do another car concept. You can check all of these vehicles out, and more in the galleries below. 2018 Honda Gold Wing: View 5 Photos Honda Neo Sports Cafe Concept: View 5 Photos Honda Riding Assist-e Concept: View 7 Photos Honda Sports EV Concept: View 5 Photos Honda Super Cub: View 3 Photos Isuzu FD-SI and Elf EV: View 9 Photos Lexus LS+ Concept: View 18 Photos Mazda Kai Concept: View 18 Photos Mazda Vision Coupe Concept: View 15 Photos Mitsubishi e-Evolution Concept: View 8 Photos Nissan IMx Concept: View 29 Photos Nissan Leaf Nismo Concept: View 8 Photos Subaru Viziv Performance Concept: View 12 Photos Toyota Century and Crown: View 7 Photos Toyota Concept-i Series: View 16 Photos Toyota GR HV SPORTS Concept: View 6 Photos Toyota Tj Cruiser: View 12 Photos Yamaha Concepts (Cross Hub, MOTOROiD, MWC-4, Motobot): View 5 Photos Related Video: Tokyo Motor Show Honda Isuzu Lexus Mazda Mitsubishi Nissan Subaru Toyota

Mitsubishi fuel economy scandal will result in $1.39 billion loss

The fuel economy scandal revealed a couple months ago will cost Mitsubishi Motors a pretty penny. According to The New York Times, the Japanese automaker predicted the fiscal year 2016 will result in a loss of 145 billion yen, or $1.39 billion. We won't know for sure until March rolls around. The prediction is even more striking when compared to Mitsubishi's performance during the last few years. It will be Mitsubishi's first reported loss in eight years. In 2014, Mitsubishi reported a global profit of $1.2 billion, which doubled the profits of the previous year, and in the spring of 2015 the US arm of the manufacturer reported its first profits in seven years – $4.18 million. For a little while there, it seemed like things were looking really good for Mitsubishi, but past flaws caught up with it. Some of the models built have had their fuel economy readings rounded by as much as 15 percent, due to the way running resistance is calculated in laboratory conditions. Nissan swept in to buy one third of Mitsubishi, and under the Renault-Nissan alliance it is likely Mitsubishi will be put on a crash course to clear its name and start turning a profit again. But the bad publicity caused by the scandal will probably mean it'll be far in the future. Related Video: