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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 planning to bring back Lancer as hybrid crossover

It looks like the Mitsubishi Lancer is about to undertake a daring transformation from a ten-year-old sedan to a crossover. The Eclipse has already shed its coupe roots and become the Eclipse Cross, and now it's the Lancer's turn to become a high-rider. The carmaker already teased its future plans with the e-Evolution concept last year (pictured above), again combining a previously successful Mitsubishi nameplate with new crossover intentions. Now, talking to AutoExpress, Mitsubishi's chief operating officer and chief designer both hint of the Lancer taking the shape of the e-Evolution. For Mitsubishi, the Lancer's segment still looks very viable in the next decade, but it doesn't necessarily want to fight the Ford Focus and the VW Golf with a conventional hatchback, let alone a three-box saloon. "We believe we have a solution that could fit the segment", said COO Trevor Mann. "[The segment's] numbers are still expanding in China, so there's appeal. And I think because the segment is so large globally, we've got to take a look at it." The chief designer, Tsunehiro Kunimoto said, "Just because it's C-segment, it doesn't mean it has to be a very conventional hatchback. Maybe we can create a new type of hatchback vehicle. We're thinking quite radically." It is also likely that the Lancer's eventual replacement will use hybrid technology and a Renault-Nissan Alliance platform — and an all-wheel-drive option would still be a nod to the Lancer Evo's heritage, at least partially justifying any use of the Evolution brand. Trevor Mann says the product timeline is largely set until 2025, and the existing crossovers in the portfolio, the Outlander and the Outlander Sport (known elsewhere as the ASX) will get replacements. The company is now directing its attention to the Lancer and the Montero, both of which have last had a major update over ten years ago. The Lancer was phased out in the U.S. last fall after a very long run. Related Video:

Mitsubishi Engelberg Tourer concept is a 4WD plug-in hybrid

Mitsubishi has finally taken the wraps off its strangely named Engelberg Tourer crossover concept in Geneva, revealing a twin-motor, four-wheel-drive plug-in hybrid with some nifty off-road capabilities and connected-car technology. Named for a Swiss ski resort famous for its unmarked, backcountry terrain, the Engelberg Tourer is a sporty-looking crossover that could preview a new Outlander. It features plenty of side creasing, an upright front end, interesting running lights and that unique roof box cap with integrated fog lamps and highly reflective strips of chrome along the sides. Mitsubishi says the crossover has an all-electric range of more than 70 kilometers, or around 43 miles, at least on the European WLTP cycle, and a combined gasoline-electric range of more than 700 km (435 miles). The Engelberg — users will inevitably make comparisons to the singer Engelbert Humperdinck, as does Google's autofill function — benefits from established and advanced Mitsubishi technologies. It uses the twin-motor PHEV system developed for the Outlander PHEV and improves it, with high-efficiency motors at the front and rear axles and a 2.4-liter gasoline engine in a series hybrid setup, acting as a generator. It uses active yaw control first developed for the Lancer Evolution series to split torque between the front and rear wheels, or between the front wheels alone, and matches it with a super all-wheel control system to improve performance and stability. The concept also features improved anti-lock braking at each wheel and active stability control to reduce wheel slip on snow-covered roads. The onboard navigation system takes the destination entered by the driver and factors in weather, temperature, topography, traffic and road conditions to choose the ideal drive mode and tailor torque split through drive battery management and the super all-wheel control system. Inside, Mitsubishi fashioned a spacious interior bedecked in white panels and seating material and black contrasts. There's also a roof box that houses fog lamps and front and rear bumper under guards. Mitsubishi also is demonstrating the Dendo Drive House, its version of a vehicle-to-home system that allows electric or plug-in hybrid vehicles to generate, store and share energy with a home. Mitsubishi says the service will be offered through dealerships in Japan and Europe later this year. Related Video: