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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:

2015 Mitsubishi Outlander Sport gets power bump

Mitsubishi is working to keep its products up to date. While the prospect for a midsize sedan might be on hold, and the Outlander Plug-in Hybrid keeps seeing delays; the Outlander Sport is at least getting a more powerful, optional engine for two trims in the 2015 model year. The Japanese brand's compact crossover is now offered with a 2.4-liter four-cylinder making 168 horsepower and 167 pound-feet of torque, and it's hooked up to a CVT. That works out to a jump of 20 hp and 22 lb-ft over the current 2.0-liter four-cylinder in the Outlander Sport. Fuel economy is rated at 23 miles per gallon city, 28 mpg highway and 25 mpg combined for the front-wheel drive version or 23/26/24 for all-wheel drive models. The larger engine is only available on the ES and GT trim levels. Prices for the 2.4 ES start at at $21,295, plus an $850 destination charge on all models, and it also gets a black center bumper. The 2.4 GT rings up for $23,595 and adds things like a power driver's seat, black roof rails and LED turn signals in the mirrors. Additionally, customers can option the GT Premium Package for an upgraded stereo, moonroof and auto-dimming rearview mirror. There's also the GT Touring Package with leather seats and a seven-inch navigation system. MITSUBISHI MOTORS INTRODUCES MORE POWERFUL 2015 OUTLANDER SPORT New 2.4-liter engine produces 168 horsepower – 20 more horsepower than currently offered 2.0-liter engine The 2.4l engine will be available in two trim levels: 2.4 ES and 2.4 GT Mitsubishi Motors North America, Inc. (MMNA) has introduced a more powerful version of the 2015 Outlander Sport 5-passenger crossover that includes a larger displacement 2.4-liter MIVEC 4-cylinder engine producing 168 horsepower – a 20 horsepower increase over the current 2.0-liter engine. With a starting MSRP of $21,295, the 2015 Mitsubishi Outlander Sport 2.4 ES features a black center bumper to visually differentiate this model from the standard ES trim level. The 2015 Mitsubishi Outlander Sport 2.4 GT has a MSRP of $23,595 and includes additional features such as a power driver's seat, leather-wrapped parking brake handle, aluminum pedals, and exterior enhancements including a black center bumper along with black roof rails and outside mirrors with LED turn indicators. The 2.4 GT model includes an optional GT Premium Package that consists of a 710-watt Rockford Fosgate® premium sound system with 9 speakers including 10-in.

Mitsubishi Super Height K-Wagon previews the kei car of the 2020s

The door-less, turbine-electric Mi-Tech concept was the uncontested star of the Mitsubishi display at the 2019 Tokyo Motor Show, but the Japanese firm also unveiled a close-to-production design study named Super Height K-Wagon that accurately previews its next family of kei cars. It transcends the historic city-only vocation by letting owners comfortably drive further. The Super Height K-Wagon's proportions are about what you'd expect from a kei car, but its front end falls in line with Mitsubishi's current design language by adopting the X-shaped motif seen on other models, like the Eclipse Cross. Even a humble kei car can't escape crossoverization; designers echoed Mitsubishi's SUVs by adding black plastic trim over the wheel arches and the rocker panels. Mitsubishi took advantage of the concept's relatively long wheelbase to carve out a spacious, family-friendly interior. The driver sits higher than in a normal city car, like the Mirage, and the rear passengers take their seats after opening a van-like sliding door. Clever use of space has always been a trademark of kei cars, and the Super Height K-Wagon is no exception. Technical specifications remain vague. Mitsubishi outlined a high-performance engine that shifts through a continuously variable transmission (CVT). To qualify for kei car status, its engine can't displace more than 660 cubic centimeters, and it can't make more than 63 horsepower. And, proving once again that small doesn't always mean basic, the Super Height K-Wagon is packed with electronic driving aids like a collision-mitigation system, and lane-keeping assist. Mitsubishi boss Takao Koto called the Super Height K-Wagon concept the second wave of next-generation kei cars, and confirmed the concept will enter production by the end of the current fiscal year, which ends on March 31, 2020. Don't expect to see it in the United States, though. Featured Gallery Mitsubishi Super Height K-Wagon concept Tokyo Motor Show Mitsubishi Minivan/Van Concept Cars 2019 tokyo motor show