November 1, 2000 |
Mitsubishi Motors Corp., Japan's fourth-largest auto maker, said Tuesday that it completed part of a plan to consolidate its four U.S. business units by the end of the year to save money and better compete with larger rivals. Mitsubishi's main U.S. business, Mitsubishi Motors America Inc. in Cypress, is absorbing support functions for the sales, manufacturing and research units. The effort isn't aimed at cutting jobs, the auto maker said.
September 9, 2000 |
DaimlerChrysler on Friday cut the price it will pay for a one-third stake in Mitsubishi Motors Corp. and installed one of its executives to help run the company after a recall scandal hammered the stock of Japan's fourth-largest auto maker. The German-U.S. auto maker will pay $1.9 billion, or 10% less than it agreed to in March, for a 34% stake in Mitsubishi, and named Rolf Eckrodt as Mitsubishi's chief operating officer.
September 7, 2000 |
Mitsubishi Motors Corp. President Katsuhiko Kawasoe plans to resign to take responsibility for a 20-year cover-up of customer complaints that led to the recall of 1 million vehicles, a company official said. Kawasoe, who has led Japan's fourth-largest auto maker since 1997, will be replaced by Vice President Takashi Sonobe, said the official, who asked not to be further identified. Sonobe declined to comment. Attempts to reach Kawasoe were unsuccessful.
September 2, 2000 |
DaimlerChrysler's last-minute postponement of a meeting with analysts fueled speculation Friday that the German-American auto giant was preparing for major changes involving its troubled partner Mitsubishi Motors Corp.
August 29, 2000 |
Mitsubishi Motors' shares fell 12.4% on Monday after a weekend raid on its headquarters and reports that its president would resign to take responsibility for a growing scandal over decades of hiding vehicle defects. Mitsubishi shares finished down 48 cents at $3.39 a share on the Tokyo Stock Exchange. President Katsuhiko Kawasoe promised a thorough housecleaning. "Together with my management team, I will . . .
August 24, 2000 |
Federal auto safety officials will ask Mitsubishi to vouch for the quality of cars it has sold in the United States, after the auto maker's parent company admitted to systematically concealing consumer complaints in Japan. The National Highway Traffic Safety Administration was preparing a letter to Mitsubishi Motor Sales of America, posing questions about the safety of cars sold to Americans. NHTSA has no evidence that Mitsubishi had failed to report problems with its cars to U.S. authorities.
August 23, 2000 |
For decades, Mitsubishi Motors employees secretly stashed tens of thousands of consumer complaints in boxes and changing rooms, behind lockers and even in the computer system using a special "H" code to signify that they should remain hidden. On Tuesday, with a deep sigh and an even deeper bow of apology, Mitsubishi Motors President Katsuhiko Kawasoe confessed to the scheme and admitted that it was a deliberate, systemic and widespread cover-up designed to avoid costly recalls.
June 28, 2000 |
Mitsubishi Motors Corp. is consolidating its four U.S. business units by year-end to save money and better compete with larger auto makers. The main business, Cypress-based Mitsubishi Motors America Inc., will absorb support functions for Mitsubishi's sales, manufacturing and research units. A new North American operations committee will oversee engineering, manufacturing and marketing. The changes come as the Japanese auto maker's U.S. sales are rising while its employment declines.
March 28, 2000 |
DaimlerChrysler's announcement Monday that it will buy a 34% stake in Mitsubishi Motors Corp. gives the German-American company a fighting chance to meet goals of controlling 25% of the fast-growing Asian market as well as demands in Europe and the U.S. for cars that are more fuel-efficient and less polluting. For the auto giant that was created in 1998 by fusing Daimler and Chrysler Corp.