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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Mitsubishi Motors Corporation    7211   JP3899800001

MITSUBISHI MOTORS CORPORATION

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Europe climate group calls for end to subsidies for plug-in hybrid cars

11/23/2020 | 10:38am EST
FILE PHOTO: 2018 Volvo XC60 is displayed at the 2017 New York International Auto Show in New York

LONDON (Reuters) - Plug-in hybrid cars emit far more CO2 than advertised, according to tests commissioned by European campaign group Transport and Environment (T&E), which on Monday called on governments to end subsidies and tax breaks for such models.

The tests were conducted by Emissions Analytics on three plug-in hybrid SUV models - BMW's X5, Volvo's XC60 and Mitsubishi Motor Corp's Outlander - and found that even under optimal conditions they emitted far more CO2 than advertised.

"Plug-in hybrids are fake electric cars, built for lab tests and tax breaks, not real driving," Julia Poliscanova, T&E's senior director for clean vehicles said in a statement. "Governments should stop subsidising these cars with billions in taxpayers' money."

In response to requests for comment, a Volvo spokesperson in an email said all Volvo cars are certified and fully comply with existing emissions legislation.

Mitsubishi spokeswoman Amanda Gibson said, also by email, that independent tests can produce unreliable or variable figures depending on conditions and "we naturally contest any findings where we have no oversight of the testing or methodology".

BMW did not immediately reply.

T&E's announcement came just days after proposed European Union rules were released laying out tight emissions limits for carmakers to hit for their activities to be classed as a sustainable investment.

Under those rules, hybrid vehicles would lose their "green" label from 2026 onward.

Plug-in hybrids are a halfway house between conventional combustion engines and electric vehicles, combining a smaller engine with an electric motor and battery.

These hybrids have frequently been referred to as a "gateway technology" designed to get consumers comfortable with electric vehicle (EV) technology, especially as nervousness about the driving range of fully-electric vehicles has been an obstacle to mass adoption.

It has also helped carmakers stretch returns on their investments in combustion engine technologies.

In the first three quarters of 2020, sales of plug-in hybrids accounted for close to half of all electric or partially-electric vehicles in the European Union, as a growing number of consumers took advantage of government subsidies or tax breaks to buy them.

But climate groups like T&E have been critical of plug-in hybrids as unlike fully-electric models they emit CO2 when relying on their fossil-fuel engine instead of the battery.

(Reporting By Nick Carey; Editing by Kirsten Donovan)

By Nick Carey


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.09% 217.4 Delayed Quote.12.07%
BMW AG -0.04% 71.25 Delayed Quote.-1.32%
MITSUBISHI MOTORS CORPORATION -1.66% 237 End-of-day quote.9.22%
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Financials
Sales 2021 1 490 B 14 348 M 14 348 M
Net income 2021 -298 031 M -2 869 M -2 869 M
Net Debt 2021 60 030 M 578 M 578 M
P/E ratio 2021 -1,16x
Yield 2021 -
Capitalization 353 B 3 407 M 3 396 M
EV / Sales 2021 0,28x
EV / Sales 2022 0,25x
Nbr of Employees 32 171
Free-Float 44,3%
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Technical analysis trends MITSUBISHI MOTORS CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 14
Average target price 210,36 JPY
Last Close Price 237,00 JPY
Spread / Highest target 35,0%
Spread / Average Target -11,2%
Spread / Lowest Target -45,1%
EPS Revisions
Managers and Directors
NameTitle
Takao Kato Chief Executive Officer & Director
Osamu Masuko Chairman & Representative Executive Officer
Koji Ikeya CFO, Executive VP, Head-Finance & Accounting
Masao Kuruma Chief Information Officer & Executive Officer
Shunichi Miyanaga Outside Director
Sector and Competitors
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MITSUBISHI MOTORS CORPORATION9.22%3 464
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