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Mitsubishi seeking ANOTHER few billion
Will this company EVER get a break?
Jan. 19, 2005; Bloomberg reported that Mitsubishi Motors Corp., Japan's fifth- largest carmaker, will ask other Mitsubishi group companies and banks for at least 500 billion yen ($4.9 billion) to bail out the company for the second time in nine months, four executives familiar with the plan said. Mitsubishi Motors plans to sell at least 200 billion yen of preferred shares and subordinated bonds to three Mitsubishi companies, said the executives, who declined to be named. Another 50 billion yen would come from state-owned Development Bank of Japan and the rest from units of Mitsubishi Tokyo Financial Inc. that would provide credit and swap debt for equity. "We are not optimistic about Mitsubishi Motors' future,'' said Fumiyuki Nakanishi, a Tokyo-based equity strategist at SMBC Friend Securities Co., which doesn't disclose its holdings. "It's clear the company's financial condition is still severe.'' Japan's only unprofitable carmaker, which received a 496 billion yen rescue package from stakeholders in May, needs more money to pay debts that totaled 1.14 trillion yen at the end of last year. The Tokyo-based producer of Colt compact cars and Pajero sport-utility vehicles also needs to develop new models after selling fewer of its vehicles in Japan every month throughout 2004. |
I really have a hard time feeling sorry for Mitsubishi.
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I knew they've been in trouble, but from sales to what country/region?
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so mitsubishi's gonna go bank rupt? no more mitsubishi!?!? NOO!!!!
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Originally Posted by BlueEyes
I really have a hard time feeling sorry for Mitsubishi.
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Their going to need another couple Zillion after that ugly ass design on the Ecplise. :eek:
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I feel bad for them, but somebody in their design department has to have recognised how UGLY their new front end designs on most of their vehicles are? Can't tell a car from a truck, they all have the same front end design, big square bug-eyed lights and a pointed nose...and yes, now they ruin an already hurting eclipse by giving it the same eyes and nose.
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Originally Posted by theCATALYST
I feel bad for them, but somebody in their design department has to have recognised how UGLY their new front end designs on most of their vehicles are? Can't tell a car from a truck, they all have the same front end design, big square bug-eyed lights and a pointed nose...and yes, nowt they ruin an already hurting eclipse by giving it the same eyes and nose.
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^^^indeed always a sad day when an automaker goes out...compitition is good for all.......hehe makes mazda make better cars to compete (which they do so well).....
also i thought mazda was the 5th largest car company in japan? did i miss somethign or have we moved up to 4th:D |
Now it looks like they may have to pay money they don't even HAVE:
Mitsubishi Motors is in talks with DaimlerChrysler AG to compensate the German automaker for damages related to recall scandals at the Japanese automaker's truck unit, the company said Friday. The talks on possible compensation are continuing although Mitsubishi Motors has not received an official demand for restitution from DaimlerChrysler, the Japanese automaker said in a statement. DaimlerChrysler is miffed that scandals about a systematic cover-up of auto defects emerged after it took a stake in both Mitsubishi Motors and its truck unit. The scandals have recurred despite promises by Mitsubishi Motors to come clean after the wrongdoing was first disclosed in 2000. |
its cuz mitsubishi looks at WRC now :/ those evo used to be so good... too bad ford and peugeot and citreon are tearing it up and i guess subaru too
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Dood, Mitsu Cars look like CRAP! What, did they expect people would just waltz in and buy their cars even if it looks ugly? Wasn't that GM, Ford, and Crysler's concept that Americans would buy American made cars even if it look ugly; until they finally realized and gave their cars some face lift.
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I would think their failings have more to do with the scandal they were caught up in. It was all over the news, made their whole company look like shit. A normal adult concerned about quality, reliability and service would rather take their business else where than deal with a company with poor business practices.
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Originally Posted by Sociopath
Dood, Mitsu Cars look like CRAP! What, did they expect people would just waltz in and buy their cars even if it looks ugly?
It's not about looks anymore, it's all about the company name. |
Originally Posted by RX8-79
Nissans look worse, yet they are selling OK.
It's not about looks anymore, it's all about the company name. |
That's your opinion, now here's mine; based on looks alone, there's not one single Nissan I'd buy, even if the price was slashed in half. They were onto something with the Altima (except that interior), but everything after that looks like garbage to me.
It's been said a million times before, and here's 1,000,001; to each their own. |
I guess I'm one of the few RX-8 owners who actually likes the looks of the '06 Eclipse. I've never considered buying a Mitsubishi before, and I have never driven one, but this is one I will at least take a look at. A 260HP V-6 with 280 lbs of torque definitely sounds nice. I'm pretty sure it will be cheaper than the 8 and I'm positive it will get better MPG. Don't get me wrong, I love Mazda, but I will need some DEFINITE FACTS concerning a MS RX-8 or an RX-7 by July when the Eclipse is available or I may have a big decision to make.
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That ugly new Eclipse model isn't gonna help either, eclipse is a big seller for mitsubishi..maybe a should sell my 8 and get an evo 8 just to help them out a bit..
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I have to say that the new Galant which they were probably trying to get a little bit of market share with is a dissappointment both in design and sales! It doesn't stand out enough to compete with the likes of the Accord (now ugly as sin IMO), the Altima, or the 6 (which is probably behind the others but at least has good enough looks to survive).
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