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MarketScreener Homepage  >  Equities  >  Tokyo  >  MITSUBISHI MOTORS CORPORATION    7211   JP3899800001

MITSUBISHI MOTORS CORPORATION

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New Mitsubishi Motors CEO vows to achieve growth through alliance with Nissan, Renault

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05/22/2019 | 04:36am EDT

The newly named CEO of Mitsubishi Motors Corp. has vowed to achieve growth by strengthening the companys competitiveness through its alliance with Nissan Motor Co. and Renault SA in the fast-evolving auto industry.

I hope to brush up our competitiveness through the use of the alliance and a focused strategy. I will step up efforts to achieve stable growth, the 57-year-old Takao Kato, president of Mitsubishi Motors operations in Indonesia, said at a news conference Monday after being chosen last week to replace Osamu Masuko as CEO next month.

The 70-year-old Masuko will remain chairman with representative rights and continue to handle negotiations with Nissan and Renault over management of the three-way alliance, recently rocked by the arrest of its leader, Carlos Ghosn, for alleged financial misconduct.

As the alliance wields great influence on Mitsubishi Motors, I will remain in charge, Masuko, who has been CEO since 2014, said at the same news conference.

Masuko will represent Mitsubishi Motors on the alliance board comprised of Nissan CEO Hiroto Saikawa, Renault CEO Thierry Bollore and Renault Chairman Jean-Dominique Senard to steer one of the worlds biggest auto groups.

The management change at Japans sixth-largest automaker by sales will be finalized pending shareholder approval at their annual meeting June 21. The event is also set to approve the dismissal of Ghosn as director.

Ghosn was removed as chairman of Nissan and Mitsubishi Motors shortly after his arrest last November. He has also resigned as chairman and CEO of Renault.

Kato, president of PT Mitsubishi Motors Krama Yudha Indonesia since April 2015, joined Mitsubishi Motors in 1984 and was instrumental in setting up a joint venture in Russia with Frances PSA Peugeot Citroen in 2010.

Kato said a major challenge facing Mitsubishi Motors is how to cope with the auto industrys transition to developing vehicles with technologies of connectivity, autonomous driving, sharing and electrified powertrains.

Mitsubishi Motors said this month it expects its net profit to fall 51.1 percent to 65 billion in the business year through next March partly due to the yens strength, after posting 132.87 billion last year, helped by robust sales in Southeast Asia.

In the three-way alliance, Nissan holds a controlling stake of 34 percent in Mitsubishi Motors and a 15 percent stake in Renault without voting rights. The French automaker, meanwhile, has a stake of 43.4 percent with voting rights in Nissan.

(c) NNA 2019 LEBANON Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI MOTORS CORPORATION -1.60% 492 End-of-day quote.-13.99%
NISSAN MOTOR CO LTD -0.71% 752.5 End-of-day quote.-12.10%
RENAULT -0.27% 54.58 Real-time Quote.0.33%
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Financials (JPY)
Sales 2020 2 567 B
EBIT 2020 -
Net income 2020 100 B
Finance 2020 396 B
Yield 2020 4,24%
P/E ratio 2020 7,85
P/E ratio 2021 7,08
EV / Sales 2020 0,14x
EV / Sales 2021 0,13x
Capitalization 756 B
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Mean consensus HOLD
Number of Analysts 19
Average target price 660  JPY
Spread / Average Target 30%
EPS Revisions
Managers
NameTitle
Osamu Masuko Chairman & Chief Executive Officer
Trevor Mann Chief Operating Officer
Masao Kuruma Chief Information Officer
Harumi Sakamoto Non-Executive Director
Shunichi Miyanaga Non-Executive Director
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