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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.

NHTSA begins inquiry into Mitsubishi fuel economy

The National Highway Traffic Safety Administration wants to make sure Mitsubishi doesn't falsify fuel economy ratings in the US like the company does in Japan. "We've requested information from Mitsubishi about this issue," a NHTSA spokesperson told Reuters. The person didn't provide details about the specific models the regulator wanted to know more about. At this time, there's no evidence of fuel economy inaccuracies for any North American models. The affected vehicles in Japan so far are 625,000 small kei-class cars, including the Mitsubishi eK, eK Space, Nissan Dayz, and Dayz Roox, which Mitsu produces for Nissan. However, Japanese regulators are taking a closer look at other models and gave the company a week to hand over test data. A newspaper there claims Mitsubishi allegedly used "non-Japanese test methodology" on the RVR, Outlander, Pajero, and Minicab MiEV. NHTSA's look into Mitsubishi comes at the same time the Department of Justice is scrutinizing Daimler for possible emissions anomalies. "Daimler will consequently investigate possible indications of irregularities and of course take all necessary action," the German automaker said in a statement. The company asserts the DOJ's inquiry is unrelated to a lawsuit from owners, which alleges the BlueTec emissions control system is designed to turn off at low temperatures. Related Video:

Nissan Truck-a-Palooza | Autoblog Podcast #483

Episode #483 of the Autoblog Podcast is here. This week, Dan Roth, Alex Kierstein, and Michael Austin talk about the jam-packed Autoblog Garage, Alex Kierstein's time with several new Nissan trucks including the 2017 Armada, and we wrap it up trying to spend your money. Check it out! Check out the rundown with times for topics, and thanks for listening! Autoblog Podcast #483 The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics 2017 Nissan Armada In The Autoblog Garage 2016 Audi R8 V10 Plus 2016 Jaguar XJR 2016 Jaguar XE Diesel 2016 Jaguar F-Pace 2016 Chevrolet Cruze Premier 2016 Kia Sedona SXL 2017 Mitsubishi Mirage GT Hosts: Dan Roth, Michael Austin, Alex Kierstein Rundown Intro & Garage - 00:00 Nissan Trucks - 19:39 Q&A - 29:38 Total Duration: 40:19 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Feedback Email – Podcast at Autoblog dot com Review the show in iTunes Podcasts Audi Jaguar Mitsubishi Nissan