Mexican Media Brands
Mitsubishi New-Car Orders in Japan Plunge 50%
Mitsubishi Motors Corp. says orders for its cars in Japan have plummeted about 50% since the company admitted a week ago it has manipulated fuel economy ratings for some vehicles over the past 25 years.
#economics
Share
Mitsubishi Motors Corp. says orders for its cars in Japan have plummeted about 50% since the company admitted a week ago it has manipulated fuel economy ratings for some vehicles over the past 25 years.
The scandal is certain to bruise earnings for the fiscal year that began April 1. MMC had planned on Wednesday to provide an earnings estimate but now says it won’t do so until the magnitude of the crisis becomes clear.
In the meantime, the company tells reporters it has 453 billion yen ($4.1 billion) in cash and less than 30 billion yen ($275 million) in interest-bearing liabilities. MMC says it will continue with plans to open a new assembly plant in Indonesia a year from now.
RELATED CONTENT
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.