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Mitsubishi hopes to raise $2.5B with stock sale

Mitsubishi, which dates all the way back to 1870, is one of the oldest business collectives in Japan. Today, the various businesses that share the Mitsubishi name are largely independent of each other. The automotive unit, however, has fallen on hard times over the past few years.
Back in 2004 and 2005, Mitsubishi Motors sold billions of preferred shares to sister companies like Mitsubishi UFJ Financial Group, Mitsubishi Heavy Industries and Mitsubishi Corp. Now the automaker is preparing to buy back those shares, only to raise the capital, it's selling $2.5 billion worth of shares, simultaneously paying stock dividends for the first time in over 16 years.
The stock issue will reportedly include as many as 241 million shares at a value of $10.73 each. The move is part of a long-term reorganization being implemented by the automaker's president Osamu Masuko, and is expected to help the company double its net income and eliminate all outstanding preferred shares by the end of the fiscal year closing in March.

Mitsubishi shows off its boxy new XFC Concept

Mitsubishi’s lineup has dwindled in the United States, but its presence is strongest in Asia, where it offers several vehicles not destined for our shores. Its latest concept vehicle previews a vision for a small utility vehicle with beefy styling and a futuristic interior. The XFC Concept is a compact SUV that Mitsubishi calls the “best-suited buddy for an exciting life.” ItÂ’s debuting at the Vietnam Motor Show later this month and is initially destined for life in Southeast Asia, though the company says it wants to expand that presence globally. The conceptÂ’s styling is a departure for the brand, whose other recent releases havenÂ’t been the easiest vehicles on the eyes (cough, cough, Outlander). Boxy lines and unique lighting are standout visual elements on the XFC, and the rear fender flares give it a muscular stance. Concepts rarely make it to production unchanged, so Mitsubishi is likely to alter the XFCÂ’s fantastic interior before release. The cabin appears to offer a mix of materials and large windows. Mitsubishi says it has class-leading interior space and notes that it focused on making the vehicle as comfortable as possible over rough roads. Flooding is an issue in the XFCÂ’s home region, so Mitsubishi gave it good ground clearance and four drive modes. Drivers can choose between normal, wet, gravel, and mud modes, and Mitsubishi says it developed the new wet mode specifically with Southeast Asian countries in mind. Mitsubishi will launch the XFC in 2023 and says an electric variant is coming down the road. Though itÂ’s still in the concept stage, the automaker plans for the SUV to become a core model for the brand on the global stage, alongside vehicles like its popular Xpander MPV.

Mechanic bagged by red light camera at 3AM driving customer car

This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. An Oregon woman took her 2001 Mitsubishi Montero to Steve's Imports in Portland to have the emissions system fixed; the business, however, is a repair and body shop that doesn't appear to specialize in emissions. After paying $2,299.05 for the fix she got a call from the shop informing her that a repairman had been caught on camera running a red light, so she should expect a ticket. When the ticket came, the image with it was the one above, taken at 2:59 AM. The shop's owner, Steve Spinnett, said the man in the car is his son, Tommy Spinnett, who is the shop foreman. The woman is a "family friend" that Tommy was picking up from a concert. Steve told KVAL news that his son had the car all weekend to put it through a drive cycle, and that the shop doesn't charge for drive cycles done after hours. Even if all of that is true, drive cycles don't take a whole weekend - a thorough emissions-test drive cycle can be done in a couple of hours. And then there's this: the owner needed to pass the emissions test to get new license plates; the ones on the vehicle that Tommy drove over the weekend were expired. We've written about some egregious instances of customer abuse at the hands of dealership and repair shops, but this isn't one of them. But it looks bad and it's suspicious, and everyone involved might want to be more careful next time. You'll find more details on the incident in the video.