Mitsubishi Motors Hit All-Time Low
Mitsubishi’s quarterly sales in its key market of Southeast Asia have turned out a disappointment to say the least. A plunge of nearly 70%, paired with a projected operating loss of $1.33 billion for the year ending March 31 2021 - the largest loss in 18 years, had sent shares down 12% to a lifetime low of 236 yen.
Mitsubishi Motors' results were "shocking", analyst Mio Kato of LightStream Research says. "ASEAN was meant to be its growth driver and was even positioned as its key attractive point to the Renault-Nissan Alliance. ASEAN sales have collapsed and it is now generating losses"
Globally, 139.000 vehicles have been sold by Mitsubishi in the April-June period, a fall of a devastating 53% compared to the previous year.
Nevertheless, some analysts still believe in Mitsubishi’s success. "In the short term Southeast Asia is not going to work that well for them, but in the longer term it's the right thing for them to do," Chris Richter, deputy head of Japan research at CLSA says.
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