Mitsubishi Motors began assembling its Lancer EX sedan in Thailand in October, and launched production in China this month. Local manufacturing in the Philippines will begin in January.

Released as the Galant Fortis in Japan in August 2007, this is Mitsubishi Motors' main sedan. The automaker usually waits until the end of a model's run to shift production overseas, but by introducing the car sooner, it hopes to capture more attention. The Lancer EX will be sold as a luxury car in Southeast Asia.

To reinforce its presence in Central and South America, Mitsubishi Motors began manufacturing a biofuel-compatible version of its L200 Triton pickup truck in Brazil in October. The pickup truck will be sold in Brazil and also exported to neighboring countries, including Argentina.

Mitsubishi Motors will also take keen aim at Australia, with plans to market a new sport utility vehicle in December.

(Nikkei)

The new company is part of the company's strategy to expand its presence in the region, and will be based in Jebel Ali Free Zone.

The new entity will manage marketing, after-service enquiries, parts supply, training and R&D activities for the Middle East and African region.

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However, Mitsubishi Motors has not made a certain decision yet. The technology transfer agreement inked between Mitsubishi Motors and Changfeng Motor expired at the end of June 2009, and the Japanese side declined to make a renewal. Therefore, Changfeng Motor and GAC made a great progress in their merger, supported by the local government.

Although GAC abandons the capital infusion requirement, it still expects that some new SUV models of Mitsubishi Motors can be introduced into Changfeng Motor in the near future.

Source: www.163.com (November 09, 2009)

Mitsubishi Motors posted an operating loss of 32.5 billion yen, 57.9 billion yen down from the operating profit of the same period last fiscal year. Despite positive factors such as concerted efforts to reduce costs and expenses, these positive factors were overcome by the greater negative factors of the drop in sales volume and the strong yen.

Mitsubishi Motors posted an ordinary loss of 34.2 billion yen, a 55.1 billion yen decrease over the ordinary profit from the same period last fiscal year, and reported a net loss of 36.4 billion yen, 49.2 billion yen down from the net profit of the same period last fiscal year.

Accordingly, financial results for the first half of fiscal year 2009 were mostly in line with the 1H fiscal year 2009 forecasts announced on April 27 (1H fiscal year 2009 forecasts published on April 27: net sales of 600 billion yen; operating loss of 35 billion yen; ordinary loss of 40 billion yen; net loss for the term of 45 billion yen).

Sales Volume

Mitsubishi Motors' global retail sales volume for 1H fiscal year 2009 totaled 445,000 units, a decrease of 158,000 units, or 26 percent over the same period last year. Below is a breakdown of regional unit sales volume.

- Japan: 77,000 units (a decrease of 6,000 units, or 8 percent year-on-year)

- North America: 46,000 units (a decrease of 25,000 units, or 35 percent year-on-year)

- Europe: 93,000 units (a decrease of 75,000 units, or 44 percent year-on-year)

- Asia & Others: 229,000 units (a decrease of 52,000 units, or 18 percent year-on-year)

Fiscal 2009 full-year forecasts

Mitsubishi Motors has decided to leave its April 27-announced fiscal 2009 sales volume plan of 932,000 units and full-year financial forecasts unchanged (net sales of 1.5 trillion yen; operating profit of 30 billion yen; ordinary profit of 15 billion yen; net profit of 5 billion yen).

2H fiscal 2009 measures to boost product competitiveness

Japan

Expand models that qualify for eco-car tax reductions and subsidies from 10 to 15

Launch new compact SUV (February 2010)

North America

Launched new Lancer Sportback in the United States (September)

Facelift for Outlander (November)

Europe

Facelift for Outlander (November)

Facelift for L200 (January 2010)

Asia & Others

Facelift for Outlander (October)

Launch new Challenger in Australia (December)

Boosting competitiveness of locally produced models

- Thailand: Start production of new Lancer EX including E85 compliant version (October)

- Brazil: Add FFV version of L200 Triton (October)

- China: Start local production of new Lancer EX (November)

- Philippines: Start local production of new Lancer EX (January 2010)

Note on forward-looking statements

All statements herein, other than historical facts, contain forward-looking statements and are based on MMC's current forecasts, expectations, targets, plans, and evaluations. Any forecasted value is calculated or obtained based on certain assumptions. Forward-looking statements involve inherent risks and uncertainties.

About Mitsubishi Motors

Mitsubishi Motors Corporation (TSE: 7211) was established in 1970 and 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. For more information, please visit www.mitsubishi-motors.com .

Contact:

Mitsubishi Motors
Public Relations Department
http://www.mitsubishi-motors.com
+81-3-6852-4275