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Mitsubishi fuel economy scandal will result in $1.39 billion loss

The fuel economy scandal revealed a couple months ago will cost Mitsubishi Motors a pretty penny. According to The New York Times, the Japanese automaker predicted the fiscal year 2016 will result in a loss of 145 billion yen, or $1.39 billion. We won't know for sure until March rolls around. The prediction is even more striking when compared to Mitsubishi's performance during the last few years. It will be Mitsubishi's first reported loss in eight years. In 2014, Mitsubishi reported a global profit of $1.2 billion, which doubled the profits of the previous year, and in the spring of 2015 the US arm of the manufacturer reported its first profits in seven years – $4.18 million. For a little while there, it seemed like things were looking really good for Mitsubishi, but past flaws caught up with it. Some of the models built have had their fuel economy readings rounded by as much as 15 percent, due to the way running resistance is calculated in laboratory conditions. Nissan swept in to buy one third of Mitsubishi, and under the Renault-Nissan alliance it is likely Mitsubishi will be put on a crash course to clear its name and start turning a profit again. But the bad publicity caused by the scandal will probably mean it'll be far in the future. Related Video:

Geely and Renault joint venture will develop internal combustion and hybrid tech

China's Geely Automobile Holdings and French car maker Renault SA on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles. The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. "We are pleased to be embarking on this journey to become a global leader in hybrid technologies, providing low-emission solutions for automakers around the world," said Eric Li, Geely Holding Group chairman. The new company will employ 19,000 people at 17 engine plants and five research and development hubs, Renault said. At launch, it is expected to supply to multiple industrial customers including Volvo, Proton, Nissan, Mitsubishi Motors, and PUNCH Torino. The JV aims to have an annual production capacity of up to five million internal combustion, hybrid and plug-in hybrid engines and transmissions, Renault added. Reuters reported in March that the new venture will see 15 billion euros ($16.53 billion) in annual revenue. Saudi Aramco, which signed a letter of intent with Renault and Geely in March, is evaluating a strategic investment in the new company, Renault said. The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in the JV, sources said earlier this year. Big oil firms have worked with automakers to develop sustainable fuels and hydrogen engines in recent years. But a deal here would make Aramco the first major oil producer to invest in the car business. The joint venture is expected to be launched in the second half of 2023. Earnings/Financials Green Mitsubishi Nissan Volvo Renault

Mitsubishi Eclipse Cross will be crossing over to the US sometime in the fall

Here it is, Mitsubishi's latest effort to take a piece of the CUV pie, the Eclipse Cross. The crossover makes its official debut at the Geneva Show, and it looks just aggressive enough to be unique, but not so strange that it will scare away the average buyer. Most interesting are the aggressive cues cribbed from the XR-PHEV II Concept, like the forward-raked rear hatch, chunky rear fenders, and deep crease along the side. However, the shape is still clearly crossover, and the nose isn't too radical. In fact, it may be the most attractive version of Mitsubishi's shield grille yet. Interestingly, the Eclipse Cross is within an inch or two size-wise compared with the existing Outlander Sport, though this should change down the road when a newer, smaller Outlander Sport is introduced. The interior follows a similar theme to the exterior. The most striking aspect is the center stack, which slants downward toward the shifter and juts out over the climate control buttons. But everything is finished in simple, inoffensive black and aluminum-look trim. The sliding and reclining rear seats should be useful for comfort and cargo space. Next to the shifter is a touch-pad that looks extremely similar to the pad Lexus uses for its systems. A couple of our editors find the Lexus version to be rather awful, so hopefully Mitsubishi has refined and improved it. As a back-up, you can simply use the touch screen perched atop the dash, which may be more handy for using the car's default user interface, or the supported Apple CarPlay or Android Auto. Also on the dash is a pop-up heads-up display similar to that in current Mazdas. View 11 Photos One big selling point for the Eclipse Cross is its standard all-wheel drive. There is also just one engine and one transmission. Power comes from a turbocharged 1.5-liter gasoline inline-four, and it's channeled through a CVT with 8 ratios that can be manually shifted. Mitsubishi has yet to announce output for the four-pot. Other markets will have the option of a 2.2-liter turbocharged diesel four-cylinder with an 8-speed automatic, but it won't make the trip to the States. Europe will be the first to get the Eclipse Cross, where it will show up at dealers this fall. Afterward, it will arrive in other markets, including the US. So expect it to appear sometime at the end of this year, or possibly the start of next year. Pricing has not been announced yet. Related Video: