North American CEO Pierre Gagnon Addresses Automotive Press Association; Discusses Sales Momentum, Future Products and New Company Structure

DETROIT, Nov. 12 /PRNewswire/ -- At a luncheon for the Automotive Press Association in Detroit today, Pierre Gagnon, president and chief executive officer of Mitsubishi Motors America, Inc., confirmed that plans to consolidate all North American sales, manufacturing, finance, and research and development operations into a new single organization are on schedule and that the new company, Mitsubishi Motors North America (MMNA), will take effect on Jan. 1, 2003.

For the first time, Gagnon also discussed growth targets for the new company, noting that MMNA expects to sell nearly 600,000 vehicles in the United States, Canada, Mexico and Puerto Rico in 2007.

"Based on the growing strength of our brand, an aggressive new product strategy and an organizational structure that can react quickly to the market, we believe our goals are very realistic," said Gagnon.

Gagnon noted that while overall industry sales are down 2.3 percent through October, Mitsubishi Motors' sales in North America have increased 10.5 percent over the company's record pace in 2001.

In its first-half earnings announcement today in Tokyo, Mitsubishi Motors Corporation credited a strong performance in North America with helping drive the company to better than forecasted profits.

Mitsubishi Motors in North America is on track for a fourth record year of sales -- a streak Gagnon expects will be extended as the company launches seven new products in North America by 2005.


New Products
The first of these new products, the Mitsubishi Outlander entry level S.U.V., went on sale in September. Outlander will be followed in February 2003 by the highly-anticipated Lancer Evolution high-performance compact sedan and then in March 2003 by the Mitsubishi Endeavor mid-sized S.U.V. Endeavor represents the first new product coming to market under Mitsubishi's Project America initiative to design and build vehicles in North America, specifically for North American consumers.

Gagnon also announced that the Lancer family of popular compact sedans will expand in 2003 with a sporty hatchback version called Lancer Sportback. Mitsubishi projects annual Lancer Sportback sales of 7,000 units in yet another fast-growing segment.

"We're entering all-new segments and redesigning popular models with vehicles that will respond to North American consumer needs," said Gagnon. "We have one of the most aggressive new product strategies among our competitors."

Mitsubishi also announced today that plans to launch the next generation Galant mid-sized sedan are ahead of schedule and the vehicle is expected to now go on sale in November 2003. Mitsubishi will add completely new versions of the Eclipse and Eclipse Spyder in 2005. All three of these redesigned vehicles will be based on the Project America platform.

Gagnon told auto writers that he expects the new products will fuel growth plans already underway in Canada, Mexico and Puerto Rico. Mitsubishi Motors launched in Canada in September with 18 dealers. The dealer network has since grown to more than 40 while the company posted October Canadian sales of 1,366 vehicles, for a two-month total of 1,569.

"We had the best opening 60-day sales total in Canada of any manufacturer in the past two decades," Gagnon said.

Through its alliance with DaimlerChrysler, Mitsubishi is also developing plans to begin selling cars in Mexico in early 2003.

North American Consolidation
Gagnon explained that the company's recent success in the United States has attracted a great deal of attention at Mitsubishi Motors Corporation headquarters in Tokyo and led to the decision to consolidate operations here and provide additional investment.

"North America has emerged as a thriving market for Mitsubishi Motors and is now recognized in Japan as an important target for further growth and investment," said Gagnon. "Creating one single, unified organization allows for better synergies with Mitsubishi's global operations and reflects the recent success and the enormous potential we see in this critical region."

Gagnon identified several important benefits the new consolidated organization will provide as the company prepares for its new product offensive.

"The new company's structure will increase Mitsubishi Motors' competitive advantage in North America by integrating all aspects of the company's operations, from engineering and design to manufacturing and marketing strategies," said Gagnon. "The most valuable pieces are strategic planning and new project development, which will ensure development and delivery of the best products to meet market demands."

All Mitsubishi Motors North American sales, finance, manufacturing, research and development operations are overseen by Mitsubishi Motors America, Inc., which will be consolidated into Mitsubishi Motors North America, Inc. (MMNA) early in 2003. Mitsubishi Motor Sales of America, Inc. was established in 1981 by Mitsubishi Motors Corporation, Tokyo, and markets a full line of vehicles, including coupes, convertibles, sedans and sport utility vehicles through a network of more than 600 dealers in the United States. For more information about Mitsubishi Motors, please visit the Web sites at media.mitsubishicars.com or call the Mitsubishi Motors America, Inc. News Bureau at 888-560-6672.

Gagnon also announced that the Lancer family of popular compact sedans will expand in 2003 with a sporty hatchback version called Lancer Sportback. Mitsubishi projects annual Lancer Sportback sales of 7,000 units in yet another fast-growing segment.

Originally posted by Secret Chimp
6000 Evo's per year to 600 dealerships around the US...So each dealership should get appx 10 EVO's for 2003....nice!

SC

Originally posted by chooper
Hatchback? Hmmm. I wonder what that would look like.

Hopefully the 2005 Eclipse will be a FWD Turbo! I'd definately get one.