Mitsubishi Motors plots its comeback, and here is the plan

Osamu Masuko in Tokyo (c) Bertel Schmitt

According to widely-held Silicon Valley belief, it is impossible to turn a lumbering old legacy carmaker around. Alright, watch Osamu Masuko. He is the CEO of a 100-year-old Japanese carmaker named Mitsubishi Motors, and today, he announced the company’s “V-shaped recovery” at MMC’s HQ in Tokyo

The company fell into disrepute last year for having (like so many others) fudged fuel economy readings. Sales sagged. Nissan promptly bought a controlling interest in the company for a $2.3 billion song. (Attn. Silicon Valley: This is what a million-unit carmaker operating in the real world outside of the distortion field truly goes for.) The Mitsubishi purchase propelled the Renault-Nissan Alliance (now renamed Renault-Nissan-Mitsubishi Alliance) to the top of all global automakers. Now is the time to turn the company around.

Basically, the plan calls for a 40% increase in sales, and a 30% increase in revenue by fiscal 2019 (which ends March 31 2020.)

“How will they do that?” asked @happy_roman via Twitter. @happy_roman once managed PR and later Marketing at Skoda, therefore, professional courtesy, and an explanation are extended.

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Japan’s automakers join ranks to ease grid anxiety

Leaf-in-Iwaki-Factory1

Dares to question the viability of the battery-powered vehicular motion,  and makers of electric vehicles will raise their hands and point fingers at the haphazard charging infrastructure. A last year’s Tokyo Motor Show, Nissan’s Carlos Ghosn said that there is no range anxiety. There is an anxiety that there is no place to charge when the range is exhausted, he said. Instead of waiting for the chicken to come out of the egg, Japanese automakers are getting together to do something about it. [Continue Reading]

Sold for cash and left for dead, Mazda and Mitsubishi return to profitability

About $100, but buys much less

 

Last year, the Japanese yen returned to barely normal from vastly overrated (those who call the Japanese currency “undervalued” are invited to Tokyo to see how far those allegedly cheap yen go – taking the subway to the press conference and back costs $10). No one was more relieved about this than Japan’s second-tier automakers. With most of their production still in Japan, companies like Mazda or Mitsubishi suffered the most from the obscenely high currency. Now suddenly, it is possible again to make a profit by making cars at home. For the first nine months of its fiscal, Mazda booked an operating income of 124.6 billion yen ($1.23 billion), up 534%. Mitsubishi Motors delivered operating income of 55.4 billion yen ($548 million) in the same period, an increase of 135%. [Continue Reading]

Le Comeback: Renault returns to America, under Mitsubishi cover

Le Car - Picture courtesy photobucket.com

Renault hasn’t sold cars in the U.S. since the post-disco-era and the sale of AMC to Chrysler. Renault cars are about to return to the Promised Land, albeit in Mitsubishi mufti.

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