Cars Mitsubishi will close a factory in Japan and freeze several new products planned for Europe

13:40  27 july  2020
13:40  27 july  2020 Source:   pressfrom.com

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Separately, Mitsubishi Motors said its Board resolved to stop production in first half of 2021 and close the factory of its domestic production subsidiary, Pajero Manufacturing Co., Ltd. The Board has also resolved to freeze the introduction of new models to the European market.

Mitsubishi announced plans in May to close a factory in Japan and eliminate thousands of jobs in a cost-cutting drive that its new chief executive In Japan , its sales plunged 30 percent, to 237,000 vehicles for the period from January through November last year as car buyers turned to other brands.

Mitsubishi va fermer une usine au Japon et geler plusieurs nouveautés prévues pour l'Europe © SP / Mitsubishi Mitsubishi will close a factory in Japan and freeze several new products planned for Europe Mitsubishi announced the closure of a factory in Japan and the freezing of several models planned for the European market. The manufacturer plans to reduce its fixed costs by 20% by 2022.

The Japanese car manufacturer Mitsubishi, an ally of Renault-Nissan, has presented a plan to reduce its fixed costs by 20% by 2022, called "Small but beautiful". This will involve the closure of one of its factories in central Japan, which notably manufactures its Pajero SUV, the freezing of launches of new models on the European market and a reduction in its general costs, personnel and research expenses. -development and commercial costs.

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Renault will focus on Europe , while Mitsubishi will focus on Asian markets that aren’t Japan and China. The plan looks to cut Nissan’s costs so it can invest that money into new products and technologies that’ll succeed The cutback also means Nissan will likely need to shut down factories .

As for the product strategy, Mitsubishi will strengthen its electric vehicles and expand its global In the mature markets, Mitsubishi aims to adjust production capacities and solidify profitability. In Japan , Mitsubishi will expand its scope of cooperation with Nissan to jointly develop mini vehicles

The group mainly intends to concentrate on its region of choice, South-East Asia, while reorganizing its operations in Japan and expanding in China. It wants to expand its range of hybrid and electric vehicles, especially in China by relying on its local partner GAC, as well as in Japan with Nissan. In the first quarter of its 2020/21 fiscal year (April-June), Mitsubishi posted a net loss of 176.2 billion yen (1.4 billion euros), compared to a small net profit of 9.3 billion yen one year earlier.

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Frontally hit by the global health crisis, its quarterly sales plunged 57% over one year, to 229.5 billion yen ( 1.9 billion euros). The group also suffered an operational loss of 53.3 billion yen over the period. Over the whole of 2020/21, Mitsubishi projects a net loss of 360 billion yen (2.9 billion euros), compared to a loss limited to 25.8 billion yen (220 million euros) in 2019 / 20. It also expects an operational loss of 140 billion yen and a drop of 35% of its annual turnover, to 1.480 billion yen (12 billion euros).

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