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Mitsubishi slashes annual profit forecast on slowing car sales

TOKYO — Mitsubishi Motors on Wednesday cut its full-year profit outlook by 67% as it expects sluggish demand in North America and China will continue, while a strong yen and research and development costs will also hurt the automaker's bottom line. Japan's sixth-largest automaker now expects operating profit to come in at 30.0 billion yen in the year to March, down from a previous forecast for 90.0 billion yen. The new outlook would be Mitsubishi's lowest profit since the year ended March 2017. The downgrade comes after Mitsubishi, in which Nissan holds a controlling stake, reported a 78% plunge in operating profit during the July-September quarter to 6.3 billion yen, lower than a mean forecast for 16.26 billion yen from analysts polled by Refinitiv. It joins a growing number of Japanese automakers which are bracing for lower profitability. Earlier on Wednesday, Subaru lowered its annual profit forecast due to a stronger yen and a cut in domestic output due to a major typhoon last month. Mazda and Suzuki have also cut their respective outlooks within the past month due to slowing demand for their cars. Earnings/Financials Mitsubishi

Ukraine orders 651 Mitsubishi Outlander PHEVs for national police

While Mitsubishi has seen happier times – with lagging North American sales and a recent fuel economy scandal – there's still at least one ray of hope for the Japanese automaker. Its plug-in hybrid version of the Outlander is quite popular in many markets, and it's about to get a whole lot more popular in another one. The Ukraine has placed an order for 651 Mitsubishi Outlander PHEVs for use by its national police force. Ukraine's Minister of Internal Affairs, Arsen Avakov, first announced the news on Twitter, and linked to a statement going into more detail. As part of a plan emerging from the Kyoto Protocol, the Natspolitsiya (as the police force is called) are ditching their aging, Russian-made UAZ and AvtoVAZ vehicles for the greener option from the less-at-war-with-them Japan. The Outlander PHEV, which was refreshed for the 2017 model year, is powered by a 2.0-liter, four-cylinder engine as well as two electric motors. Its 12-kWh battery provides about 22 miles of real-world, all-electric driving range. It's quite popular in Europe, so we might want to pay attention, as it will arrive in the US later this year. "So, gentlemen, Ukrainian policemen! You will receive 651 new and unique modern powerful eco-friendly hybrid crossover Mitsubishi Outlander PHEV," says Avakov in his statement. "The people of Ukraine hopes that you will be worthy of this innovation! Serve with honor!" No pressure. Furthermore, Avakov quipped in a Facebook post – with a smile and a wink – that his "advertising" for Mitsubishi ought to net the Natspolitsiya a 652nd vehicle. Related Video:

Mitsubishi HQ raided by the Japanese government

Mitsubishi's fuel economy scandal continues to grow, and the Japanese government wants answers. According to Reuters, the Japanese Transport Ministry raided the company's headquarters and a factory in Nagoya today. This raid comes soon after the company revealed that a number of its SUVs were also being sold with incorrect fuel economy ratings. The Japanese government issued a stop-sale on those vehicles a few days ago. This raid also follows an internal investigation conducted by Mitsubishi to discover how this fuel economy scandal happened, and how the practices that led to it were able to continue for 25 years. The internal investigation revealed a few contributing factors that all fell under issues with the company's culture. There was significant pressure throughout the company to reach fuel economy targets and missing them wasn't readily accepted. Questioning decisions of management was also discouraged, and it seemed the different divisions of the company weren't working well together. The findings of this raid have yet to be revealed, but it will be interesting to see how they compare with those of the internal investigation. The Japanese Transport Ministry seems intent on preventing a repeat of this with another company considering that, according to Reuters, it "sent documents to other automakers to enforce compliance with rules for calculating mileage ." Related Video: News Source: Reuters via Automotive News EuropeImage Credit: Julien Amado / Autoblog Quebec Government/Legal Green Mitsubishi Fuel Efficiency investigation