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Mitsubishi Motors posts surprise loss as car sales slide

TOKYO — Mitsubishi Motors on Friday posted a surprise operating loss in the third quarter, its worst quarterly performance in more than three years, hurt by falling sales in China, Japan and Southeast Asia, as well as a stronger yen. The carmaker posted an operating loss of 6.6 billion yen ($60.2 million) for the October-December quarter, widely missing an average forecast for a profit of 11.6 billion yen, based on analyst estimates compiled by Refinitiv. It was the firm's biggest loss since the July-September 2016 quarter, when a mileage cheating scandal sapped profits. However, Mitsubishi stuck to an earlier forecast for a 73% drop in full-year operating profit to 30 billion yen in the fiscal year ending in March. The automaker's net loss for the quarter just ended came in at 14.4 billion yen. The fall in quarterly sales was worst in China and at home, while sales also slipped in ASEAN countries, traditionally a stronghold, leading to a 16% fall in global vehicle sales to 320,000 units. The automaker also said it would keep some of its offices in China closed through Feb. 9, as a new coronavirus spreads throughout the country and beyond. The automaking alliance of Mitsubishi, Renault and Nissan on Thursday said they had "no other option" but to drastically improve their joint operations to remain competitive in the fast-changing global auto industry. Related Video:           (Reporting by Naomi Tajitsu; editing by Richard Pullin) Earnings/Financials Mitsubishi

Nissan officials answer to angry shareholders on red ink, Ghosn scandal

Smoke engulfs the Nissan logo as workers burn tires during a protest in Barcelona, Spain, where the automaker is closing its plant, costing 3,000 direct jobs. (AP/Emilio Morenatti)     TOKYO — Nissan Chief Executive Makoto Uchida told shareholders Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia. Uchida apologized for the poor results and promised a recovery by 2023, driven by cost cuts and new models showcasing electric-car and automated-driving technology. “We will tackle these challenges without compromise,” he said at a live-streamed meeting. “I promise to bring Nissan back on a growth track.” Executives for the company also blasted suggestions in media reports of a conspiracy within the company to oust Carlos Ghosn. The former chairman's 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault. “I know that in books and the media there has been talk about a conspiracy, but there are no facts whatsoever to support this,” Motoo Nagai, chairman of NissanÂ’s auditing committee, told shareholders at the companyÂ’s annual general meeting. Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms. All the worldÂ’s automakers have been hurt by nose-diving sales caused by the coronavirus pandemic. But the problems are especially serious for Nissan, which already was fighting to salvage its reputation after the financial misconduct scandal of former star executive Ghosn. Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March. It has not given a projection for this fiscal year, citing uncertainties over the virus outbreak. One angry shareholder got up and said executives should give up more of their pay since investors were getting zero dividends. Another said Nissan needed to do more to strengthen its governance, arguing things have been getting worse, not better, since the departure of Ghosn.

WM Motors releases renderings based on Mitsubishi photos

An interesting gaffe has reared its head as WM Motors has published the first images depicting its new car portfolio. The renders showing Chinese electric vehicle startup's future cars appear to have been based on Mitsubishi Outlander press photos, as discovered by Electrek's Fred Lambert. It is one thing to show mere renders of future cars – that is certainly widely accepted, as the cars are planned to be launched in 2018 at the earliest – but it's the background that gives away how the renders are based on doctored Mitsubishi shots. Details are shared between the Outlander and WM Motors' rendering, with wheels, mirrors and doorhandles directly lifted off the Mitsu; in practice, the comparison shots become a pastime of "spot the similarities." The SUV is said to be designed by a former Bentley and Volkswagen designer, Sam Sun, but it is not yet clear whether he meant the production vehicle to share its decorative rear diffuser panel with a Mitsubishi. Perhaps these were work images never really meant for official publication, as they handily show the SUV's dimensions on the road. In addition to Electrek, Google seems to also be on the game, as a reverse image search on the VM Motor shots produces Mitsubishi suggestions. According to Car News China, which circulated the images, WM stands for either Weltmeister (world champion in German), or weima in Chinese, which means a powerful horse. The company is spearheaded by Freeman Shen, formerly of Geely, and the Suzhou factory is planned to produce 50,000 cars per year starting in 2018. There is talk of the cars featuring Huawei connectivity technology, with the hardware being produced together with the German companies Bosch and Siemens. Related Video: Featured Gallery VW Motor Mitsubishi News Source: Electrek Green Weird Car News Mitsubishi Green Automakers SUV Electric