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  1. #1
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    mitsubishi is going out of business

    guess no one wants to pay 38 grand for a mitsubishi, even if it is turbo AWD

    aparently they might have a year or less till they fold, or get baught out. oh how i'd love to be able to yell "WELCOME TO THE GM PARTS BIN" to the evo owners

  2. #2
    Get in the Hyundai!
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    didnt mitsubishi america go bankrupt recently or something and the larger mitsubishi of japan helped keep them going (mitsubishi makes more than cars, my TV is a mitsubishi for example). something like that
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  3. #3
    Super Mega Amazing Member integrate's Avatar
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    How are they going out of business to the point they no longer have that name and division of automobiles. Even if they declare bankruptcy they continue to produce cars and products. I cant think they will pull a Daewoo and just up and disappear. Plus I heard they have been having record years for the company

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    OF Senior Member cfitgo's Avatar
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    DiamlerChrysler, which holds a stake in Mits, hasn't, apparently, sold their stake in Mits yet. Beside the fact that at NAIAS, they are going ahead with the unveiling of the New Eclipse and Truck based on the Dodge Ram, so don't worry Mitsubishi Lovers, they ain't going bankrupt.
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    Combat Camera chriswellner's Avatar
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    damn Daewoo went under?

    no more Daewoo?

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    Mr. Come & Go str8chilln's Avatar
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    I work at mitsu and dont know what yall are talking about....your right though, we have 1 Evo and its been sitting there since the middle of last year . I think they make most of thier cash off of the used cars in the lot. I myself wouldnt ever buy a mitsu but thats just me, the gst's were the nicest cars they had and they dont even make them anymore.

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    Quote Originally Posted by integrate
    How are they going out of business to the point they no longer have that name and division of automobiles. Even if they declare bankruptcy they continue to produce cars and products. I cant think they will pull a Daewoo and just up and disappear. Plus I heard they have been having record years for the company
    yes, record years.

    in 2004 mitsubishi sold 43.2% fewer cars than 2003.


    daweoo is an interesting story ... basically, as the south korean officials were raiding daewoo automotive's offices on the bottom floor, the daewoo automotives chief executive was exiting the top floor (damn, watch that last step, its a doozy!)

    at about the time the chief executive's body was hitting the pavement, GM's lawyers entered and baught them out

  8. #8
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    alright, i mis-quoted the percentage.

    total vehicle units sold in north america in 2003: 258,810
    total vehicle units sold in north america in 2004: 161,609

    mitsubishi motors of america had a NET INCREASE in sales of -39.5% between 2003 and 2004.


    source:
    http://media.mitsubishicars.com/deta...41275&mime=ASC


    not only that, but it looks like they might be having people jump like rats from a sinking ship:

    The president of MMNA, Finbarr O'Neill, Resigned from Mitsubishi Motors North America.

    source:
    http://media.mitsubishicars.com/deta...58005&mime=ASC


    of course, this is most likely the final nail in the coffin of mitsubishi motors, which is japan's ONLY unprofitable car maker. daimler chrysler pulled out of mitsubishi motors about 6 months ago, and they owned 37% of mitsubishi motors. daimler chrysler's stock went up by 8.9% upon news of their pullout, showing how bad mitsubishi motors is really doing.

    source:
    http://www.forbes.com/newswire/2004/...tr1344412.html


    mitsubishi got 0wned ...
    Last edited by anasazi; 01-09-2005 at 08:19 PM.

  9. #9
    OF Senior Member Sean's Avatar
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    Quote Originally Posted by nocarboy
    damn Daewoo went under?

    no more Daewoo?


    As I heard what was stated in Anazazi's post, Gm bought it more specifically Chevy.
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    OF Senior Member Turbo Timmy's Avatar
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    Here's a bit of trivia, the new EVO and SRT-4 will be the same car rebadged.
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    OF Senior Member cfitgo's Avatar
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    Quote Originally Posted by Turbo Timmy
    Here's a bit of trivia, the new EVO and SRT-4 will be the same car rebadged.
    Under what name? Dodgeowishi?
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  12. #12
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    DCX (daimler chrysler) owns 25% of mitsubishi for the purpose of mitsubishi making the "world" engine for chrysler.


    hyundai is also involved in this project.

  13. #13
    OF Junior Member MR_Scott's Avatar
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    of course, this is most likely the final nail in the coffin of mitsubishi motors, which is japan's ONLY unprofitable car maker. daimler chrysler pulled out of mitsubishi motors about 6 months ago, and they owned 37% of mitsubishi motors. daimler chrysler's stock went up by 8.9% upon news of their pullout, showing how bad mitsubishi motors is really doing.
    Mitsu is backed by the bank of Japan and is not going anywhere. Finbar O'neill I thought was "let go" and it's good because the only thing he could sell were Evo's. Daimler did not pull out of anything. They decided not to put in anymore cash, so the financial backing has come from elsewhere, increasing the new investors holdings in the company and decreasing DCX's % of ownership, naturally.

    Mitsubishi will be fine. Infact they have committed to a full return in World Rally Championship with their new car that was run at a few races in 2004 just for shakedown runs. They will be running 2 cars in 2005.

    http://www.wrc.com/News.aspx?PO_ID=4766&lang=en_GB

    This company that's "going out of business" seems to be leading the Dakar rally 2005 last time I checked also. Failing companies don't have millions of dollars to race cars, they focus on sales. Please pull some "recent" references when spouting old rumors. The mitsubishi fuso truck division in Japan is a large source of their temporary hardship.

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  14. #14
    OF Senior Member SOLO8thGenSi's Avatar
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    lol notsofunny but maybe if they DID go out of business i could get my fantasy ride ('04 Evo Red or '05 MR Red) for cheap . haha riiiight. my luck, they'd get more "valuable" and go up in price. ugh...fantasies suck.
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    DCX is down to 25% ownership
    http://autonet.ca/Facilities/Story.c...23/640788.html


    just because a company has pledged to be in a rally championship doesn't mean they're a success. the money to run a giant company doesn't come directly from races, it comes from people purchasing their vehicles ... and if no one is purchasing their vehicles, then whats the point? OHHH LOOK we just won a race! oh but aparently no one cares because our sales are still down ...

    they're in races, big deal -- doesn't change the fact that their sales are down by 40% and of the 4 big japaneese car makers they are the ONLY one that is not profitable.

  16. #16
    ********* spacemonkey's Avatar
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    knew this awhile ago. but I heard the japanese government was going to step in and help them being that Mitusbishi is as Japanese as any thing gets.

    But thats only one division...Mitsubishi enterprise is HUGE.

    in Other news Shanghai auto groups is out to buy MG and Rover. Aparently the chiense government is investing alot in race programs...like the new shanghai cuircit.

    Deal should be closed sometime in January. Now they are debating wether to rebadge it or stick with british heritage.

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    ********* spacemonkey's Avatar
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    Quote Originally Posted by anasazi
    DCX (daimler chrysler) owns 25% of mitsubishi for the purpose of mitsubishi making the "world" engine for chrysler.


    hyundai is also involved in this project.
    I thought Daimler Crysler droped its partnership with Mitsubishi

    The projects are proceeding even though DaimlerChrysler said in April that it would stop investing in Mitsubishi. As a result of that decision, and a bailout orchestrated by Mitsubishi group banks and Phoenix Capital, an outside investor, DaimlerChrysler owns less than 25 percent of the Japanese automaker, down from 37 percent.
    Last edited by spacemonkey; 01-10-2005 at 12:31 AM.

  18. #18
    OF Junior Member mpbiv's Avatar
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    Quote Originally Posted by anasazi
    DCX (daimler chrysler) owns 25% of mitsubishi for the purpose of mitsubishi making the "world" engine for chrysler.


    hyundai is also involved in this project.
    Actually Mitsu, Chrysler, and Hyundai are all responsible for producing their own homologations of the "world" engine. Supposedly the engine is based loosely on a design by Hyundai which was heavily modified by Chrysler and Mitsu.

    Rumor is that Chrysler is developing their own dual variable valve timing version of this engine. Each manufacturer will have their own version of the engine with different valve trains, manifolds, running gear etc.

    http://www.allpar.com/mopar/world-engine.html
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  19. #19
    My Evo go PSSSSH!
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    Quote Originally Posted by anasazi
    ...they're in races, big deal -- doesn't change the fact that their sales are down by 40% and of the 4 big japaneese car makers they are the ONLY one that is not profitable.
    That don't mean they're "going out of business" like the subject of this thread states either! Mitsu is not some Daewoo, so there's no comparison, and some low sales from one year to another is not going to put 'em out of business!
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  20. #20
    ********* spacemonkey's Avatar
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    Quote Originally Posted by jqturbo
    That don't mean they're "going out of business" like the subject of this thread states either! Mitsu is not some Daewoo, so there's no comparison, and some low sales from one year to another is not going to put 'em out of business!
    dont know there are a couple brands that "died" due to low car sales. other then Deawoo I can only think of Oldsmobile and Rover group (recently brought back). GM is debateing about killing its Saturn line up and brining in the vuxhaul/opel brand into the US (I think).

    What will probally happen is if Mitsubishi doesnt find someone or somethign to help them out...they might be looking for a buyer. Much like Mazda in the 80s and the Rover group (MG, rover, and mini). Or how Chrysler, dodge and JEep were in deep **** before the SUV craze...now when that died off Diamler group steped up. Highly doubt we will not see mitsubishi name in the future but it maybe someone else calling the shots.
    Last edited by spacemonkey; 01-10-2005 at 12:47 AM.


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