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Junkyard Gem: 1992 Mitsubishi Expo LRV

Chrysler did reasonably well selling first-generation Mitsubishi Chariots in North America with Dodge/Plymouth Colt Vista badging during the 1980s, and so Mitsubishi Motors decided to take a shot at selling the second-generation Chariots with its own company's badges when those vehicles went into production in 1991. Those vehicles were known as Mitsubishi Expos here, with sales beginning in the 1992 model year and continuing through 1995. Here's one of those ultra-rare first-year Expos, found in a Colorado self-service car graveyard recently. The Chariot line had split into two in its home market by that time, with the regular four-door wagons still called Chariots and a shortened three-door version given the RVR name, which stood for Recreational Vehicle Runner (actually ßVR, with the Cyrillic first character). In the United States, the Chariot was sold as the Expo Wagon while the ßVR was dubbed the Expo LRV. The LRV's door setup is a bit odd. On the driver's side, there's just one door. On the passenger side, there's a sliding rear door (with interlock to prevent it from tearing off the fuel-filler door if it's open). In right-hand-drive markets, Mitsubishi put the slider on the left side while keeping the fuel filler on the right. Chrysler sold its own versions of the ßVR, of course. The Eagle version was known as the Summit Wagon. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Dodge and Plymouth dealers sold the ßVR as the Colt Vista. Since this is the base-model Expo LRV for 1992, it has the 1.8-liter SOHC 4G93 engine, sending 113 horsepower and 116 pound-feet in the general direction of the front wheels. The all-wheel-drive and Sport versions got a 2.4-liter 4G64 rated at 136 horsepower and 145 pound-feet. The emissions sticker tells us that this car was sold new in California. It was built in Aichi Prefecture, Japan. This one has the optional four-speed automatic, which cost $670 extra (about $1,460 in 2023 dollars). Not even 100,000 miles passed beneath this Expo's wheels during its 31-year career. Why is it in this place, then? Here's the reason: a crash that mangled the left front suspension. The ignition key dangles from the kind of lanyard used by car auctions, so we can assume this car got totaled instantly by the insurance company and had no chance of being sold to any customer other than a junkyard. The MSRP for this car was $11,537, or about $25,132 today.

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:

DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal

Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg. The scandal, which has resulted in General Motors, Ford, Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. "The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy," Attorney General Eric Holder (pictured above) said during yesterday's press conference.
As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, "The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers."
Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg.