Bye Bye Mitsubishi

[RafRaf]

more news...

Mitsubishi Motors' new chairman to brief on Friday
Reuters, 04.28.04, 1:20 AM ET

http://www.forbes.com/home_asia/new...rtr1350095.html
TOKYO, April 28 (Reuters) - Mitsubishi Motors Corp <7211.T> said its next chairman, Yoichiro Okazaki, would hold a news conference at 2.30 p.m. (0530 GMT) on Friday following an extraordinary shareholders' meeting on the same day.

Okazaki, currently managing director at Mitsubishi Heavy Industries Ltd <7011.T>, has been leading the troubled Japanese auto maker's new revival team after DaimlerChrysler AG <DCXGn.DE> pulled out of a bail-out plan last week.

Okazaki heads a team of about 40, consisting mainly of top officials at Mitsubishi Motors, and some working-level staff from its three main shareholders in the Mitsubishi group, Mitsubishi Heavy, Mitsubishi Corp <8058.T> and Bank of Tokyo-Mitsubishi <8306.T>.

After DaimlerChrysler abandoned plans to participate in a capital increase scheme for Mitsubishi Motors, the Mitsubishi group said it would support the auto maker, aiming to finalise a new revival plan within a month.

The plan would look at all of the auto maker's operations, including product development, manufacturing, overseas operations and financial policy, while reviewing its alliance with DaimlerChrysler, which still holds a 37 percent stake.

On Monday, Daimler veteran Rolf Eckrodt resigned as president and chief executive of Mitsubishi Motors to make way for the new team. Chief Financial Officer Keiichiro Hashimoto will act as interim president until a permanent replacement is found.

DaimlerChrysler has said it would not be nominating a new head from its group, but will go ahead with plans to send Eckhard Cordes, who heads its commercial vehicles division, as a non-executive board member.

Copyright 2004, Reuters News Service

[benchph1]

tsk tsk...actually ive noticed it before with their pizza pie lancer...all the other manufacturers have introduced new generations of their 1.6 sedans..but mitsubishi just gave the pizza pie platform another facelift and sent it to battle with the newer folks...

[OTEP]

Malay niyo, Mitsubishi will do a Nissan? Hehehehe. Hindi ba na-ressurect ang Nissan after it had ties with Renault? It's just a matter of finding the right partner siguro.

[orly_andico]

oo nga! ang ganda ng Infiniti G35 and new Nissan Altima! and they're giving their competition a run for the money. G35 is just as good daw as the VW W8 Passat for $10k less.

kelan kaya magkakaroon ng new Altima and G35 dito? the Cefiro's we see running around are all mid/late '90s Infiniti I30's...

[gearspeed]

Sayang! Kung may pera lang ang Pinas, pagkakataon na sana nating magkaroon ng Pinoy brand na kotse

Oo nga tama ka dun sayang nga yun...Like others said Meron at meron din bibili ng Mitsubishi Motors...Huwag lang sana sila mawalan ng pagasa

[the_wildthing]

Originally posted by A121
paano kaya kung bilhin ng sony ang mitsubishi? hehehe

OT lang:
If Sony buys Mitsubishi...

The Evo will reduce in price every six months, and if the Evo 8 comes, you can still buy a brand new Evo 7 in stores at Greenhills.

Evo 7 imitations will also be available at Greenhills.

All stereos will be replaced with Discmans for low-end cars, and DVD with Dolby Digital and WEGA TVs for high-end ones.

Steering wheels will be replaced by analog game controllers from PS1/PS2.

You can bring your Lancer to Raon to replace chips so you can watch pirated DVDs.

You can store your trips and maintenance on a memory stick. 128MB upgrades available at the dealer.

There will be no need for headlamps. Your windshield will be replaced by a large video screen and Sony's night shot technology will allow you to see in the dark.

All cars will now be equipped with the latest Cybershot and digital video cam.

Ala na ako maisip... :D

[RafRaf]

These firms — Mitsubishi Heavy Industries, Mitsubishi Corp. and Bank of Tokyo – have committed to support MMC’s financial requirements and to develop a new Revitalization Plan by the end of May this year. Together the three companies hold 22.9 percent of MMC.

Mitsubishi seems to be aiming forward... look at the plans here in the Philippines... 6,000 more jobs upto 2007!!!


http://www.abs-cbnnews.com/NewsStory...NESS&oid=49953


Mitsubishi’s R.P.-made SUV to earn $240M in exports

By LAWRENCE AGCAOILI
TODAY Reporter


The decision of Mitsubishi Motors Group to inject P10 billion in fresh investments to transform the Philippines as a production hub for a new sports utility vehicle in Southeast Asia would yield P5.5 billion worth of local purchases, as well as $240 million in annual foreign-exchange earnings, it was learned Wednesday.


Hideyasu Tagaya, executive officer and general manager for international operations of Mitsubishi Motors Corp. of Japan, said the group picked the Philippines as a new production base because of its supportive environment for exports of motor vehicles.


Tagaya added that the Philippines has also the potential to achieve a globally competitive automotive manufacturing industry.


For his part, Mitsubishi Motors Philippines Corp. senior vice president Melchor Dizon told reporters yesterday during the launch of the 2004 Lancer and Adventure that the a total of P2 billion would be infused by the company in the country.


Dizon pointed out that amount would be used for tooling, the establishment of additional facilities, as well as product development.


The other P8 billion will come from Mitsubishi Motors of Japan and Mitsubishi Motors of China.


The project calls for the production of 200,000 units of the new SUV model over the next six to seven years. About two-thirds of the output would be exported in countries in Southeast Asia, while the rest would be shipped to other parts of the globe.


Besides the new SUV model, Mitsubishi Philippines would also launch others products in the Philippine market from 2004 to 2006, including the Grandis, Montero Sport, and other models.


Officials of the Japanese carmaker also announced that the project is expected to yield foreign-exchange earnings amounting to $200 million to as much as $240 million per year. Besides countries in Southeast Asia, other markets include the Middle East, Africa, and countries in South America.


The official added that the project would also generate local parts purchases of about P5.5 billion per year. It would also employ 6,000 workers on top of the 800 workers now employed by Mitsubishi in the Philippines.


Meanwhile, Trade Secretary Cesar Purisima said the project of Mitsubishi shows that the country’s Automotive Export Program under Executive Order 244 is reaping rewards in attracting major investors.


“This development augurs well for the country’s auto exports program and at the same time boosts the jobs prospects in the auto industry,” Purisima said.


The program, being implemented by the Board of Investments extends tax credit to local vehicle assemblers that ship a minimum volume of 10,000 units per year at minimum freight onboard value of $5,000 per unit. The tax credit starts at $400 per unit in the first two years of the five-year program and is gradually reduced to $100 per unit.


Meanwhile, Mitsubishi Philippines yesterday launched the new 2004 Lancer and Adventure models that would bolster its stronghold as the country’s second-largest vehicle producer after Toyota Motors Philippines Corp.


With the new Lancer, the company expects to capture 25 percent of the total passenger car market in the country that is enough to land in second place after the 1.6-liter Toyota Altis. It also expects to capture 22 percent of the Asian utility vehicle market after the Toyota Revo.


The aggressive project is being undertaken despite the decision of German-American car giant DaimlerChrysler AG to withdraw its financial support to bankroll Mitsubishi’s revitalization plan that intends to raise $6.5 billion to try and save the Japanese company.

[RafRaf]

some more info...


http://www.bworld.com.ph/current/Top...topstory7.html


MANILA, PHILIPPINES | Thursday, April 29, 2004

Mitsubishi to build PhP10-B SUV hub for Asia in RP
Despite troubles over its bailout plan, Japan's Mitsubishi Motors Corporation plans to invest over PhP10 billion to make the Philippines its Southeast Asian production hub for a new sport utility vehicle (SUV).

Company executives and Trade officials announced the investment yesterday on the heels of Daimler Chrysler AG's withdrawal from the $6.5-billion rescue package for Mitsubishi Japan, in which the German-American car maker has a 37% stake.

The Trade department quoted Hideyasu Tagaya, executive officer and corporate general manager for Mitsubishi's international operations, as saying the decision to build an SUV hub here was based on "the country's supportive operating environment for exports of automobiles as well as the potential of the Philippines to achieve a globally competitive automotive manufacturing industry."

About PhP2 billion of the PhP10 billion will be Mitsubishi Philippines' equity share in the project, which will be used for tooling, facilities, and product development, company senior vice-president Melchor Dizon told reporters.

The rest would come from Mitsubishi Japan and Mitsubishi China, which will also produce a yet unnamed small SUV for its own market.

Mr. Dizon said the Philippine plant would export mainly to countries in Southeast Asia, but was also expected to supply the Middle East, Africa, and South America.

Mitsubishi Philippines, which has 800 workers, will hire an additional 6,000, he added.

Beginning 2006 to about six to seven years after, the Philippine plant will produce about 200,000 completely built-up units (CBU), with two-thirds of that to be exported throughout Southeast Asia.

Value of exports is estimated at $200 million to $240 million annually. Local parts purchases will amount to PhP5.5 billion annually.

Mr. Dizon said the new SUV model, designed by Mitsubishi's Okasaki studio, would "definitely" be cheaper than competition. The small SUV, he said, would most likely be a seven- to eight-seater, and could have three rows, all facing front.

"It's very sporty, but more practical," the official said.

Welcoming the new investment, Trade Secretary Cesar A.V. Purisima said the Mitsubishi project showed the government's automotive export program "has been reaping rewards in attracting major investments."

"We expect more industry players to join the program, as this would mean we are becoming more competitive in addressing our market needs and in ensuring the steady growth of the auto industry," he said in a statement.

The Philippine automotive industry currently supplies 20% of the world's wire harnesses, with 40,000 workers in car assembly and parts manufacturing, the Trade chief said.

Motor vehicle parts exports grew by 22.2% in February because of the 16.18% growth in exports of wire harnesses, which accounted for $89.05 million in earnings.

The Philippines also exported 13,500 CBUs last year, and this figure is expected to increase by at least 22,000 annually because of the Mitsubishi project, the Trade department said.

"This development augurs well for the country's auto exports program and at the same time boosts the jobs prospects in the auto industry," Mr. Purisima said.

Mitsubishi Philippines also downplayed the impact of DaimlerChrysler's withdrawal from the bailout plan for its ailing parent firm in Japan.

Mr. Dizon told reporters the Mitsubishi-DaimlerChrysler alliance would still continue in a single engine project, the joint production of certain models, and common purchasing activities.

In an e-mail to all managers worldwide, the Mitsubishi corporate communications office said DaimlerChrysler was "not considering selling its 37% stake" nor was it looking for a buyer.

Three main companies in the Mitsubishi Group -- Mitsubishi Heavy Industries, Mitsubishi Corp., and Bank of Tokyo-Mitsubishi -- have begun working out a new rescue plan that will be out in a month.

Yoichiro Okasaki, who will be Mitsubishi Japan's new chairman effective April 30, will detail the new plan, the e-mail said.

"[Mitsubishi] has also confirmed its planned extraordinary shareholder meeting will take place in Tokyo as scheduled on April 30," the e-mail said.

Meanwhile, Mitsubishi Philippines targets a bigger share of the local market by selling more passenger cars and Asian utility vehicles (AUV).

"The target is to hit 25% from 22% [last year]. For AUVs, it's 20% to 22% from 16%," Mr. Dizon said.

To hit targets, Mitsubishi must sell 250 Lancer units and 550 to 600 Adventure units monthly.

The company launches on May 19 the 2004 series Lancer and Adventure models. It firm will also launch a 1.8-liter engine for the Lancer by the third quarter.

It lagged behind Toyota Motors and Isuzu Philippines in the AUV segment last year, but would target to get back to second place this year.

"We believe that we have an advantage over the competition, so the target is also to be number one in the diesel segment," Mr. Dizon said. -- Felipe F. Salvosa II with a report from A. B. L. Lorenzo

[pajerokid]

Even if Daimler-Chrysler pulls out, it doesnt mean that Mitsubishi Motors will bite the dust....

[benchph1]

Isn't it kinda sad to hear the mother company of your ride is suffering from this crisis?

makes u wonder if your gonna hold on to your ride or get another one from another make.