Mitsubishi Leaving the US Market? | [MERGED]
Feb 18, 2005, 06:04 AM
#34
Mitsubish denies this according to the Detroit News.
http://www.detnews.com/2005/autosins...8/01-94205.htm
TOKYO -- Struggling Japanese automaker Mitsubishi Motors Corp. reaffirmed its commitment to the U.S. market Friday, saying it had no intentions of exiting that market.
The Tokyo-based automaker, which has a car plant in Normal, Ill., denied in a statement that it had ever pursued such a possibility and called "groundless" a report in The Wall Street Journal that said it was seeking a buyer for its U.S. operations.
Mitsubishi Motors has announced several revival plans in recent years. It has been hurt by disclosures that it had systematically hidden auto defects from the authorities that spanned decades at the company.
The scandal emerged in 2000 but resurfaced last year, and Mitsubishi Motors vehicle sales have plunged in Japan.
DaimlerChrysler AG of Germany, which had initially been part of its turnaround effort, decided to end additional financing last year. Mitsubishi Motors has received cash infusions from the Mitsubishi group of companies to fund its comeback.
Mitsubishi Motors is expecting a group net loss for the year ending March 31 of 472 billion yen ($4.5 billion), but is planning to return to profit by the fiscal year ending March 2007.
It has recently announced minor agreements to make vehicles for French automaker PSA Peugeot Citroen and Nissan Motor Co. of Japan.
In Friday's editions, the Journal reported that unidentified people familiar with the matter said Mitsubishi Motors' new president, Osamu Masuko, traveled to Detroit for an auto show in January to begin talks with potential buyers for its U.S. operations.
The report said Masuko was accompanied by Yasushi Ando, head of Tokyo-based investment fund Phoenix Capital Co, which currently holds a 21.2% stake in Mitsubishi Motors.
It said the two Japanese executives met privately with several industry executives, including representatives from U.S. private-equity fund Ripplewood Holdings LLC. A representative for Ripplewood declined to comment to the Journal. The newspaper said it was told Ripplewood didn't show much interest in the U.S. operations which include Mitsubishi's North American sales unit in Southern California an the assembly plant in Illinois.
The Journal said Mitsubishi representatives confirmed the two executives attended the Detroit auto show, but declined to comment on any meetings and said Mitsubishi has "no plans to withdraw from the North American market."
http://www.detnews.com/2005/autosins...8/01-94205.htm
TOKYO -- Struggling Japanese automaker Mitsubishi Motors Corp. reaffirmed its commitment to the U.S. market Friday, saying it had no intentions of exiting that market.
The Tokyo-based automaker, which has a car plant in Normal, Ill., denied in a statement that it had ever pursued such a possibility and called "groundless" a report in The Wall Street Journal that said it was seeking a buyer for its U.S. operations.
Mitsubishi Motors has announced several revival plans in recent years. It has been hurt by disclosures that it had systematically hidden auto defects from the authorities that spanned decades at the company.
The scandal emerged in 2000 but resurfaced last year, and Mitsubishi Motors vehicle sales have plunged in Japan.
DaimlerChrysler AG of Germany, which had initially been part of its turnaround effort, decided to end additional financing last year. Mitsubishi Motors has received cash infusions from the Mitsubishi group of companies to fund its comeback.
Mitsubishi Motors is expecting a group net loss for the year ending March 31 of 472 billion yen ($4.5 billion), but is planning to return to profit by the fiscal year ending March 2007.
It has recently announced minor agreements to make vehicles for French automaker PSA Peugeot Citroen and Nissan Motor Co. of Japan.
In Friday's editions, the Journal reported that unidentified people familiar with the matter said Mitsubishi Motors' new president, Osamu Masuko, traveled to Detroit for an auto show in January to begin talks with potential buyers for its U.S. operations.
The report said Masuko was accompanied by Yasushi Ando, head of Tokyo-based investment fund Phoenix Capital Co, which currently holds a 21.2% stake in Mitsubishi Motors.
It said the two Japanese executives met privately with several industry executives, including representatives from U.S. private-equity fund Ripplewood Holdings LLC. A representative for Ripplewood declined to comment to the Journal. The newspaper said it was told Ripplewood didn't show much interest in the U.S. operations which include Mitsubishi's North American sales unit in Southern California an the assembly plant in Illinois.
The Journal said Mitsubishi representatives confirmed the two executives attended the Detroit auto show, but declined to comment on any meetings and said Mitsubishi has "no plans to withdraw from the North American market."
Feb 18, 2005, 06:26 AM
#35
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Only time will tell. WSJ does have a better record of telling the truth than MMNA executives though. How many cars do you think they will sell if you tell the public they are pulling out. BTW, the article did not state that Mitsubishi is going under, it only said that Mitsubishi may pull out of North American market.
Feb 18, 2005, 06:42 AM
#39
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Az3: Trust me when I say this-- the price will not DOUBLE or even go up. Thankfully it will likely stay where it is, but only because the car has quasi exotic performance figures and limited production numbers. Values typically only go up on cars when a particular model is discontinued-- but not when the manufacturer here is "discontinued".
Last edited by Google; Feb 18, 2005 at 06:48 AM.
Feb 18, 2005, 06:46 AM
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Originally Posted by Az3ar
I will dance and calibrate the day they pull out of North America. there is nothing on my EVO that i cant fix myself. The EVO price will double in few days if that happens.
Feb 18, 2005, 06:51 AM
#42
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i dont think this is really true. i recently read an article ( ill try to find the link) and they said 
has plans for a turnaround. they got ideas of how to up their profits in the future.... so i doubt their gonna pull out of US anytime soon
has plans for a turnaround. they got ideas of how to up their profits in the future.... so i doubt their gonna pull out of US anytime soon
Feb 18, 2005, 06:52 AM
#43
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Originally Posted by Lowness
Majority of Evo owners don't go to Mitsu to get serviced anyway. They can burn in hell for all i care.
Feb 18, 2005, 06:54 AM
#45
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The EVO price will double in few days if that happens.
Maybe if the EVO itself was going away but mitsubishi was staying (say like with supras-toyota) but when the entire company itself is pulling out your price wouldn't go up at all let alone double.