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March 19, 2008 |
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MITSUBISHI MOTORS: To Offer Low-Emission Diesel Cars in Japan Mitsubishi Motors Corp. will sell low-emission diesel vehicles in Japan, Antara News reports citing President Osamu Masuko. According to the report, Mr. Masuko said market conditions have ripened for diesel vehicles in Japan, in reference to such factors as higher environmental awareness. Mitsubishi Motors plans to sell diesel vehicles domestically following their 2009 European launch, the report notes. The company, the report relates, said in its three-year business plan through fiscal 2010, drawn up at the end of last month, it will spend an average of JPY90 billion a year on capital investment, up 7% from the average for the previous three years, and an average of 80 billion yen a year on R&D, up 8%. Most of this money is to be spent on environmental technologies, including electric vehicle, the report adds. About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp/ -- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The company also operates consumer-financing services and provides this to its customer base. MMC adopted the Mitsubishi Motors Revitalization Plan on Jan. 28, 2005, as its three- year business plan covering fiscal 2005 through 2007, after investor DaimlerChrysler backed out from the company. The main objectives of the plan are "Regaining Trust" and "Business Revitalization." The company has operations worldwide, covering the United States, Germany, the United Kingdom, Italy, the Netherlands, the Philippines, Indonesia, Malaysia, China and Australia. Its products are sold in over 170 countries. As reported on Feb. 25, 2008, Moody's Investors Service placed the Ba3 long-term debt ratings of Mitsubishi Motors Corporation and its supported subsidiaries, Mitsubishi Motors Credit of America, Inc. and MMC International Finance (Netherlands) B.V. under review for possible upgrade. The rating action reflects MMC's successful implementation of its business strategy, which involves revitalizing its business in line with its turnaround plan for FYE 3/2008, the plan's final year. As reported on Feb. 22, 2008, Standard & Poor's Ratings Services placed its 'B' long-term corporate credit and 'B+' senior unsecured debt ratings on Mitsubishi Motors Corp. on CreditWatch with positive implications. This follows the increased likelihood that the company will achieve most of the profit targets set forth in its revitalization plan, and the progress the company has made in optimizing its global production system following its decision to close its assembly plant in Australia. |
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