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Mitsubishi Motors Corp

May 14, 2002 | Associated Press
Mitsubishi Motors Corp. posted its first annual profit in three years despite lower sales, helped by cost cutting as part of a turnaround plan with German partner DaimlerChrysler. Executives said the Japanese auto maker still faced a challenge in repairing its battered corporate image. Mitsubishi Motors posted a net group profit of $89 million for the fiscal year ended in March, largely on cost-reduction efforts with DaimlerChrysler, which owns 37.3% of Japan's No. 4 auto maker.
On the heels of Toyota's announcement that it will spend a record amount to advertise and promote its 2002 Camry, Nissan North America Inc. and Mitsubishi Motor Sales of America Inc. on Thursday launched campaigns for their own mainstream cars: the 2002 Altima and 2002 Lancer, respectively. The U.S. arms of Nissan Motor Co. and Mitsubishi Motors Corp. said they too will spend as much as on any previous launch, if not more.
August 25, 2001 | Reuters
The United Auto Workers went on strike early Friday at Mitsubishi Motors Corp.'s plant in Normal, Ill., the first work stoppage by the union against an auto maker in nearly four years. Negotiations between the Japanese company and the UAW resumed Friday morning after the union told its 2,700 members to walk out at 1:30 a.m. Neither the auto maker nor the union would specify what the sticking points were in contract negotiations that began June 20.
For only the third time, Consumer Reports magazine has rated a vehicle "not acceptable": Mitsubishi Motors' Montero Limited sport-utility vehicle, which the magazine says has a high likelihood of rolling over during sharp turns. The Montero Limited tips dangerously in emergency accident avoidance maneuvers in which drivers swerve to avoid something in their path, and it should be recalled, the magazine said Wednesday.
June 14, 2001 | John O'Dell
Financially ailing Mitsubishi Motors Corp. has promoted the head of its Illinois-based U.S. auto making unit to chairman and chief executive of all U.S. operations. Hirao Iijima, 57, will assume the new duties at Cypress-based Mitsubishi Motors America Inc. at the end of June. Reporting to Iijima will be Pierre Gagnon, 45, newly promoted president and chief operating officer of Mitsubishi Motor Sales of America, and Rich Gilligan, 57, new president of Mitsubishi Motor Manufacturing of America.
February 28, 2001 | Bloomberg News
Mitsubishi Motors Corp. said it will begin selling cars and light trucks in Canada at 51 dealerships in 2003 to boost North American sales as demand slows in Japan. Mitsubishi, Japan's fourth-largest auto maker, said it plans to open 150 Canadian dealerships by 2005 and sell 38,000 new vehicles a year in the country by 2007. It expects to spend $350 million over five years on the expansion. Auto makers sell about 1.
February 7, 2001
Mitsubishi Motors Corp. is a bit late to the starting gate in the "crossover" race, with its first U.S. market model not due to go on sale until next year as a 2003 model. So to whet appetites for its forthcoming car-based sport-utility--or sport-utility-looking car--the company recently showed off a near-production model of the Japanese market version, left, which hits the streets there this year.
November 1, 2000 | Bloomberg News
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 | From Bloomberg News
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.
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