The Japanese automaker had posted a profit of
The maker of the Outlander sport utility vehicle and I-MiEV electric car expects to chalk up a
The shaky results come as Mitsubishi Motors’ alliance partners
Ghosn was out on bail, awaiting trial on various financial misconduct allegations in
Mitsubishi officials, in a news conference relayed in a call to reporters, promised a turnaround, pursuing growth in Southeast Asian markets, where its profitability is relatively strong, and building on its strength in four-wheel drive and “off road performance.”
They said they expect the company’s results to recover next fiscal year, once COVID-19 is brought under control. Product development will leverage “synergies” with alliance partners, and labor costs will be cut through pay cuts, hiring freezes and voluntary retirements, the automaker said.
But it warned the outbreak’s impact on auto demand was worse than what the auto market suffered during the 2008 financial crisis and so a recovery will take time. It confirmed it is ending production of Pajero sport utility vehicles, under a restructuring strategy set before the outbreak hit.
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