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Mitsubishi ready to pull Evo's plug

We have all manner of unofficial metrics in the auto industry. No doubt you've heard some of them, like the butt dyno. Another popular measure is the smiles-per-dollar index - how entertaining is a car versus its price. Cars like the Mazda MX-5 Miata, Scion FR-S and Mini Cooper S, for example, score quite highly, while vehicles like the BMW M5 or Audi RS7 are great to drive, but score lower because of their much higher price tags. For a long time, the king of the smiles-per-dollar index was arguably the Mitsubishi Lancer Evolution X, which blended hair-raising thrills for the price of a well-equipped Ford Fusion Titanium.
Now, it looks like the Evo will need to hand over its title, as this generation of the rally-derived rocket is likely to be Mitsubishi's last - at least for a while. There's been no mention of just when production of the current car will end, so if you're in the market, we'd suggest trying to find a dealer with inventory ASAP. The news comes from the automaker's Japanese mothership, which says the brand will instead focus on utility vehicles and EVs. While there are no direct plans for a successor, an Evo XI as it were, the door remains open for a different kind of beast, according to Mitsubishi.
"Mitsubishi Motors does not have any plans to design a successor with the current concept, as a high-performance four-wheel drive gasoline-powered sedan," said Namie Koketsu, a spokesperson for Mitsubishi, according to Automotive News. "Mitsubishi Motors will explore the possibilities of high-performance models that incorporate electric vehicle technology."

Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.

The Mitsubishi Outlander third row has actually been far worse

It's rare for a compact SUV to have a third row, and there's a good reason for that: Few humans can actually fit in such a tiny space. And sure, there are obviously kids, but they usually require some sort of child seat that's not fitting back there, either.  In other words, the use case is as tiny as the seats themselves. No wonder, then, that there are only two three-row compact SUVs: the 2022 Volkswagen Tiguan and the 2022 Mitsubishi Outlander. While I have yet to witness the Tiguan, the above photo is the result of fitting a 6-foot-3 automotive editor into the Outlander's third row. It ain't pretty. And that's with the middle row pushed all the way forward. Also note that it's just not a matter of legroom — headroom is terrible, too.  Obviously, this is an extreme and ridiculous test. In the end, the need to accommodate the third row almost certainly allows the Outlander to have more cargo space than average (and the mechanically related Nissan Rogue) even if it's presence is also likely the reason it doesn't have as much room as the CR-V, RAV4 and Tucson (more on that coming soon in a luggage test). It's basically a bonus feature, and if you can in fact use it, great! It's also exponentially better than the original Outlander third row. Specifically, the second-generation model that had a shockingly flimsy design that would've been rickety for the 1980s let alone the late 2000s. It consisted of a mesh fabric pulled over a tube steel ring. It was more like a beach chair than something that belonged in a moving vehicle.  Here are two period videos of me demonstrating it in a 2010 Outlander. In the first, I raise the seat, showing how difficult it was to do and how rickety it was once in place. The second video shows the mesh seat bottom.  Video 1: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Video 2: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.