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

MITSUBISHI MOTORS CORPORATION

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Mitsubishi Motors says former chairman Masuko dead at 71

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08/31/2020 | 04:12am EDT

TOKYO, Aug 31 (Reuters) - Mitsubishi Motors Corp's former chairman Osamu Masuko has died from heart failure, the Japanese automaker said in a statement on Monday. He was 71.

Masuko, a veteran of the Mitsubishi conglomerate, had just weeks ago resigned as chairman citing health reasons. He became the automaker's president in 2005, and oversaw the creation of the partnership between Mitsubishi and Nissan Motor Co.

Mitsubishi Motors said he died on Aug. 27.

"(H)e built solid relationships with the management of partners, the Alliance companies and the Mitsubishi Group through good communications by leveraging his personality and extensive connections," the company said.

The former chairman's death comes as the alliance between Mitsubishi, Nissan and French automaker Renault SA struggles to regain profitability in the aftermath of the ouster of former alliance chairman Carlos Ghosn.

Masuko was at the helm of Mitsubishi during a 2016 scandal in which the automaker was found to have overstated the mileage on its vehicles. An investigation uncovered slack governance and pressure on resource-starved engineers as chronic issues at the company.

The scandal - Mitsubishi's third in two decades - pummeled profits and further tarnished the automaker' s brand. At the height of the furore, Nissan lent its smaller rival a lifeline, offering it $2.2 billion for a 34% controlling stake.

The deal was agreed between Masuko and then Nissan CEO Ghosn, and brought Mitsubishi in as a junior partner in the Nissan-Renault automotive alliance.

Masuko later denounced his ties with Ghosn following the latter's 2018 arrest in Japan over suspected financial misconduct.

All three members of the alliance are currently mired in financial problems, after years of aggressive expansion policies under Ghosn's leadership resulted in falling vehicle sales.

A further drop in global car demand due to the coronavirus pandemic has exacerbated these problems, and Mitsubishi, Nissan and Renault are each bracing for steep annual operating losses this year. (Reporting by Chang-Ran Kim and Naomi Tajitsu; Editing by Chris Gallagher and Hugh Lawson)


Stocks mentioned in the article
ChangeLast1st jan.
MITSUBISHI MOTORS CORPORATION 1.89% 216 End-of-day quote.-52.84%
NISSAN MOTOR CO., LTD. 4.78% 385.6 End-of-day quote.-39.38%
RENAULT 0.81% 24.395 Real-time Quote.-42.63%
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Financials
Sales 2021 1 492 B 14 157 M 14 157 M
Net income 2021 -297 418 M -2 822 M -2 822 M
Net Debt 2021 20 968 M 199 M 199 M
P/E ratio 2021 -1,05x
Yield 2021 -
Capitalization 316 B 2 989 M 2 993 M
EV / Sales 2021 0,23x
EV / Sales 2022 0,19x
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 15
Average target price 241,57 JPY
Last Close Price 212,00 JPY
Spread / Highest target 65,1%
Spread / Average Target 13,9%
Spread / Lowest Target -38,7%
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Managers
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
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