Mitsubishi may pull out of US market
12-14-2004, 02:23 PM
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Mitsubishi may pull out of US market
From automotive news:
Mitsubishi denies plans to quit U.S. market
>>>By James B. Treece
Automotive News / December 14, 2004
TOKYO -- Mitsubishi Motors Corp. denied Japanese press reports that it would withdraw from the American market and sell its Normal, Ill., factory.
Details of what it will do in its restructuring plan, though, are not ready to announce. Mitsubishi is delaying release of the plan's details until late January from mid-December.
Release of the details has been moved back "to refine strategy relating to corporate tie-ups and alliances and to give further consideration to capital enhancement," the carmaker said.
Mitsubishi has three tie-ups under review:
1. It is negotiating the sale of half or more of its NedCar assembly plant in the Netherlands to DaimlerChrysler AG. NedCar builds the European-market Mitsubishi Colt as well as some Smart models.
2. It is hammering out a venture with Nissan Motor Co. in minivehicles. Those 660cc cars and trucks now make up about two-thirds of Mitsubishi's Japan sales. Nissan does not make minivehicles. Nissan has been rebadging cars made by Mitsubishi and Suzuki Motor Co. to participate in one of Japan's few growing segments.
3. It also has been in talks with France's PSA Peugeot-Citroen about several possible projects, according to Mitsubishi CEO Yoichiro Okazaki. For example, PSA could supply diesel engines for Mitsubishi cars in Europe.
Japanese press reports have speculated that the "capital enhancement" steps could include debt forgiveness by Mitsubishi's banks of up to ¥400 billion, or $3.81 billion.
In July, Mitsubishi raised $4.73 billionby issuing new shares to members of the Mitsubishi Group and outside investors including Phoenix Capital Co., a fund that invests in distressed companies.
Another option: The carmaker could issue more shares to the Mitsubishi Group. Along with various asset sales, that could raise up to $1.91 billion, according to Japan's Nikkan Kogyo newspaper.
Mitsubishi said the reports that it would pull out of America and sell its U.S. factory "are based on speculation and are not true." With rumors swirling around the troubled company, Mitsubishi's media Web site has a section devoted exclusively to commenting, usually refuting, media reports about its future.
Mitsubishi also has not set a date for a promised preview of its future products. In June, Okazaki said the product preview would take place in the autumn. At one point, it was expected to occur in November. Currently no date has been set, according to spokesman Junji Nishihata. <<<<
not sure if this is a good thing or a bad thing.......
Mitsubishi denies plans to quit U.S. market
>>>By James B. Treece
Automotive News / December 14, 2004
TOKYO -- Mitsubishi Motors Corp. denied Japanese press reports that it would withdraw from the American market and sell its Normal, Ill., factory.
Details of what it will do in its restructuring plan, though, are not ready to announce. Mitsubishi is delaying release of the plan's details until late January from mid-December.
Release of the details has been moved back "to refine strategy relating to corporate tie-ups and alliances and to give further consideration to capital enhancement," the carmaker said.
Mitsubishi has three tie-ups under review:
1. It is negotiating the sale of half or more of its NedCar assembly plant in the Netherlands to DaimlerChrysler AG. NedCar builds the European-market Mitsubishi Colt as well as some Smart models.
2. It is hammering out a venture with Nissan Motor Co. in minivehicles. Those 660cc cars and trucks now make up about two-thirds of Mitsubishi's Japan sales. Nissan does not make minivehicles. Nissan has been rebadging cars made by Mitsubishi and Suzuki Motor Co. to participate in one of Japan's few growing segments.
3. It also has been in talks with France's PSA Peugeot-Citroen about several possible projects, according to Mitsubishi CEO Yoichiro Okazaki. For example, PSA could supply diesel engines for Mitsubishi cars in Europe.
Japanese press reports have speculated that the "capital enhancement" steps could include debt forgiveness by Mitsubishi's banks of up to ¥400 billion, or $3.81 billion.
In July, Mitsubishi raised $4.73 billionby issuing new shares to members of the Mitsubishi Group and outside investors including Phoenix Capital Co., a fund that invests in distressed companies.
Another option: The carmaker could issue more shares to the Mitsubishi Group. Along with various asset sales, that could raise up to $1.91 billion, according to Japan's Nikkan Kogyo newspaper.
Mitsubishi said the reports that it would pull out of America and sell its U.S. factory "are based on speculation and are not true." With rumors swirling around the troubled company, Mitsubishi's media Web site has a section devoted exclusively to commenting, usually refuting, media reports about its future.
Mitsubishi also has not set a date for a promised preview of its future products. In June, Okazaki said the product preview would take place in the autumn. At one point, it was expected to occur in November. Currently no date has been set, according to spokesman Junji Nishihata. <<<<
not sure if this is a good thing or a bad thing.......
12-14-2004, 06:10 PM
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Mitsubishi's been in hot water in Japan too. There was article in Option regarding doubts over Mitsubishi's future.
The only thing I'd be sad about is the loss of a worthy enemy in the Lan Evo. Because all other (current) Mitsubishi's suck
The only thing I'd be sad about is the loss of a worthy enemy in the Lan Evo. Because all other (current) Mitsubishi's suck
12-15-2004, 10:58 AM
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In the past two years Mitsu launched like 3-4 revisions on their car models but the only one that gets any kind of good press is the Evo (which isn't going to keep Mitsu floating very long because it's a low volume and low profit vehicle). Too bad, they wasted so much money redesigning those cars and they came up with crap! I haven't even seen a new Galant around here and it's been out for a while...sad.
I guess the days of 4G63 power are gonna fade fast
I guess the days of 4G63 power are gonna fade fast
12-22-2004, 02:30 AM
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Originally Posted by BAN SUVS
Some other car company will step in with cash and bail them out. Again. Maybe next time they'll teach them how to make better cars too. 
aloha from the summit of *-^-Mauna Kea-^-*
12-28-2004, 12:00 AM
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Originally Posted by Choku Dori
Mitsubishi's been in hot water in Japan too. There was article in Option regarding doubts over Mitsubishi's future.
The only thing I'd be sad about is the loss of a worthy enemy in the Lan Evo. Because all other (current) Mitsubishi's suck
The only thing I'd be sad about is the loss of a worthy enemy in the Lan Evo. Because all other (current) Mitsubishi's suck
I read that article as well. Even though I consider all Evos my rivals I still love the car I would hate to see it disappear!!!!
12-31-2004, 10:13 AM
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Mitsu isnt going anywhere. Its not Daewoo, its a huge company, that makes good cars. the question is will people give them a chance. if you really compared them to their rivals they would be either equal or better is most cases.
Galant V6 > Accord > Camry
Lancer Ralliart > Civic Si
Lancer > Civic
Endeavor > /= competition (loved driving that thing, u feel like an 18 wheeler, but u can weave through traffic easily)
World > Eclipse (hate that car, but new one is coming)
etc...
Plus, the 2006 Lancer shares the same chassis as the new Neon (wont be called a neon), new PT Cruiser, Jeep Scout and a few other up-coming DCX cars/trucks.
and you cant say that the evo is the only car getting press so its a bad company. i doubt any magazine cares about the forester, baja, or legacy. all u hear about is the STi. thats what a Halo car is for.
Galant V6 > Accord > Camry
Lancer Ralliart > Civic Si
Lancer > Civic
Endeavor > /= competition (loved driving that thing, u feel like an 18 wheeler, but u can weave through traffic easily)
World > Eclipse (hate that car, but new one is coming)
etc...
Plus, the 2006 Lancer shares the same chassis as the new Neon (wont be called a neon), new PT Cruiser, Jeep Scout and a few other up-coming DCX cars/trucks.
and you cant say that the evo is the only car getting press so its a bad company. i doubt any magazine cares about the forester, baja, or legacy. all u hear about is the STi. thats what a Halo car is for.
12-31-2004, 10:12 PM
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Originally Posted by D0WNxSH1FT
Galant V6 > Accord > Camry
Lancer Ralliart > Civic Si
Lancer > Civic
Endeavor > /= competition (loved driving that thing, u feel like an 18 wheeler, but u can weave through traffic easily)
World > Eclipse (hate that car, but new one is coming)
etc...
Plus, the 2006 Lancer shares the same chassis as the new Neon (wont be called a neon), new PT Cruiser, Jeep Scout and a few other up-coming DCX cars/trucks.
Lancer Ralliart > Civic Si
Lancer > Civic
Endeavor > /= competition (loved driving that thing, u feel like an 18 wheeler, but u can weave through traffic easily)
World > Eclipse (hate that car, but new one is coming)
etc...
Plus, the 2006 Lancer shares the same chassis as the new Neon (wont be called a neon), new PT Cruiser, Jeep Scout and a few other up-coming DCX cars/trucks.
And is sharing the same chasis with the next neon supposed to be a good thing?