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2009 Was Not a Good Year for Mitsubishi

Mitsubishi Motors Corporation is Japanese carmaker headquartered in Tokyo, Japan and the sixth largest Japanese carmaker by production volume. Mitsubishi began automobile production in 1917 with the production of the Model A, Japan’s first series-production automobile. Mitsubishi grew steadily through the 1970′s, 1980′s, and 1990′s by concentrating on overseas markets in the United States, Europe, and Southeast Asia and producing a succesion of very successful SUV models. That growth was brought to a halt after the 1997 financial crisis and the subsequent auto market collapse in Southeast Asia. Mitsubishi has struggled since that time to regain profitability and market share.
 Mitsubishi began its plan to revitalize its model lineup and profitability with the introduction of the successful Mitsubishi I Kei car in Japan in 1996. That model was followed by new models of the Outlander, Lancer, and Lancer Evolution. The automaker has shed 10,000 workers since 2006, and eliminated slow-selling models in the United States. The company is exploring new markets in the Ukraine, Russia, and Middle East. Mitsubishi is also exploring a potential partnership with the French carmaker PSA Peugeot Citroen. Despite these efforts, Mitsubishi continues to struggle to produce consistent profitability. While the company was profitable during the 2006, 2007, and 2008 fiscal years, the company returned to the red in the 2009 fiscal year. For the first half of the 2009 fiscal year, the company lost $386 million on sales of $6.6 billion. Sales were also off substantially by 158,000 units, reducing sales to 445,000 units in the first half of fiscal year 2009. Mitsubishi is forecasting a profit of $331 million on sales of $16.5 billion dollars. Mitsubishi is taking a number of measures in 2009 to regain profitability. Those e measures include redesigning the Outlander XUV, starting local production in China of the Lancer EX, and beginning production of a flexible fuel version of the L200 in Brazil.

About the Author

Ronnie is a freelance technical writer for Mitsubishi Engines. He writes different niches including Mitsubishi engines, Mitsubishi transmissions and other industry specific topics.

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