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Mitsubishi announces new and updated models are around the corner

Mitsubishi has remained relatively quiet in 2020. It was hit hard by the ongoing coronavirus pandemic, like all of its peers and rivals, and it's caught in the middle of the cold war between opposing sister companies Renault and Nissan. It announced plans to emerge from its silence by introducing an array of new or updated models in America. The Japanese company explained its goal is to pack more value and technology into its cars. It will launch its American product offensive in late 2020 by introducing an updated Outlander PHEV. Although full details aren't available, Mitsubishi hinted the crossover will receive a new hybrid powertrain built around a bigger, more powerful gasoline-burning engine that works jointly with better electrified technology. It will be capable of driving on electricity alone for longer distances, and at higher speeds. Other revisions are planned, too. Next up is the Mirage, the firm's entry-level model and one of the smallest cars in a market that has decided bigger is better. Mitsubishi confirmed the American-spec model (pictured) will receive the same visual updates as the variant sold overseas, so it will receive a sharper-looking front end that falls in line with the rest of the range. Shortly after, Mitsubishi will continue its push by giving the Eclipse Cross comprehensive visual updates. The crossover's front end will borrow styling cues from the company's next design language, and earlier spy shots suggest stylists have smoothed out the Pontiac Aztek-like rear end. Inside, the Eclipse Cross will receive a new infotainment system, though we'll need to wait to learn about the features it will incorporate. Mitsubishi Outlander prototype View 16 Photos Finally, the next-generation Outlander (shown above in spy shots) will break cover with a new-look design that Mitsubishi characterizes as "bold, aggressive, and distinctive." Although we haven't seen the crossover without camouflage yet, peeking through the wrap suggests the model draws inspiration from the Engelberg Tourer concept introduced at the 2019 edition of the Geneva auto show. Unverified rumors claim it will switch to a Nissan-sourced architecture in the name of economies of scale, and some variants might be available with an engine plucked out of the Nissan parts bin. What's certain, at least according to Mitsubishi, is that the next Outlander will be the quietest and best-equipped car it has ever sold in the United States.

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.

Brand new cars are being sold with defective Takata airbags

If you just bought a 2016 Audi TT, 2017 Audi R8, 2016–17 Mitsubishi i-MiEV, or 2016 Volkswagen CC, we have some unsettling news for you. A report provided to a US Senate committee that oversees the US National Highway Traffic Safety Administration (NHTSA) and reported on by Automotive News claims these vehicles were sold with defective Takata airbags. And it gets worse. Toyota and FCA are called out in the report for continuing to build vehicles that will need to be recalled down the line for the same issue. That's not all. The report also states that of the airbags that have been replaced already in the Takata recall campaign, 2.1 million will need to eventually be replaced again. They don't have the drying agent that prevents the degradation of the ammonium nitrate, which can lead to explosions that can destroy the airbag housing and propel metal fragments at occupants. So these airbags are out there already. We're not done yet. There's also a stockpile of about 580,000 airbags waiting to be installed in cars coming in to have their defective airbags replaced. These 580k airbags also don't have the drying agent. They'll need to be replaced down the road, too. A new vehicle with a defective Takata airbag should be safe to drive, but that margin of safety decreases with time. If all this has you spinning around in a frustrated, agitated mess, there's a silver lining that is better than it sounds. So take a breath, run your fingers through your hair, and read on. Our best evidence right now demonstrates that defective Takata airbags – those without the drying agent that prevents humidity from degrading the ammonium nitrate propellant – aren't dangerous yet. It takes a long period of time combined with high humidity for them to reach the point where they can rupture their housing and cause serious injury. It's a matter of years, not days. So a new vehicle with a defective Takata airbag should be safe to drive, but that margin of safety decreases with time – and six years seems to be about as early as the degradation happens in the worst possible scenario. All this is small comfort for the millions of people who just realized their brand-new car has a time bomb installed in the wheel or dashboard, or the owners who waited patiently to have their airbags replaced only to discover that the new airbag is probably defective in the same way (although newer and safer!) as the old one.