Mitsubishi Motors is Japan's sixth largest car manufacturer, the automobile division of the labyrinthine Mitsubishi keiretsu. Key international models are the Triton pick-up, and Outlander and Pajero SUVs, but in Japan the company is best known for its mini vehicles. Nissan acquired a controlling 34% stake in the business at the end of 2016 after Mitsubishi admitted falsifying fuel economy data for the majority of its domestic vehicles. Despite the Mitsubishi Group's industrial prowess, its car company has always lagged behind domestic rivals. In 2000, it came under the control of what was then DaimlerChrysler, which acquired a controlling stake as part of its expansion into Asia. But in 2004 Mitsubishi Motors was engulfed by a financial crisis after it admitted hiding evidence of vehicle defects. DaimlerChrysler pulled out at that point, handing control back to the Mitsubishi group. A brief recovery was ended by another slump in the wake of the 2008 credit crisis, and then the Japanese earthquake. Mitsubishi subsequently found welcome financial support in manufacturing partnerships with PSA Peugeot Citroen in Russia and with Nissan in Japan, and had regained stability by 2013, before another downturn prompted by the 2016 fuel data scandal. As a result, the group has forecast losses of as much as $1.4bn for its current year. Osamu Masuko is CEO. Revenues for ye 2016 were approx $19bn. Sales volumes were 934,013 vehicles in calendar 2016, just outside the Top 20 brands globally. Introduced in 1917, Mitsubishi's Model-A automobile was Japan's first series production passenger car. The portfolio was quickly expanded to include trucks and diesel engines, and later military vehicles, but the group's industrial operations were broken up after WW2. It re-entered the passenger car market in the 1960s. Adbrands does not currently offer a business profile for this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
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Capsule checked 13th July 2016
Adbrands Weekly Update 13th Oct 2016: Ads of the Week: "Watermopylaegrad". This insane ad for Mitsubishi trucks from DDB's Brazilian agency Africa is like a wet dream for extreme action fans. How else are you going to demonstrate the advantages of "the most bad-ass truck of all time"? Easy - just throw literally every legendary battle movie scenario you've ever seen at it. Must have been a blast to make. Next time can we take part?
Adbrands Weekly Update 12th May 2016: Nissan is the latest white knight to rescue Mitsubishi Motors from a self-generated crisis. It has agreed to acquire a controlling 34% stake in its countrymate for around $2.2bn. The two businesses already have a manufacturing partnership in Japan. However, the smaller company is struggling to regain domestic trust after it admitted falsifying fuel economy data for at least four of the popular minicars it sells in Japan. In a statement Nissan-Renault CEO Carlos Ghosn said, "Nissan is determined to preserve and nurture the Mitsubishi Motors brand. We will help this company address the challenges it faces, particularly restoring consumer trust in the fuel-economy performance." Mitsubishi Motors suffered a similar crisis in 2004 when it admitted covering up serious faults in some of its cars that had caused fatalities. This led to the termination of an earlier partnership with what was then DaimlerChrysler.
Adbrands Weekly Update 21st April 2016: Mitsubishi Motors admitted it has discovered that engineers deliberately falsified fuel efficiency data on four petrol-powered small cars sold in Japan in order to meet local legal requirements. Mitsubishi Motors shares were suspended after falling by more than 15% as soon as the news was announced. So far, around 600,000 vehicles in Japan are affected, but it's possible that cars sold overseas may also be implicated. If so, the financial impact on the company could be devastating.
Adbrands Weekly Update 1st May 2014: This is looking like the year Japanese exporters finally get back on track, largely as a result of the depreciation of the Japanese Yen against the US Dollar and Euro. Most of the credit goes to Prime Minister Shinzo Abe whose economic policies have reduced the average Yen/Dollar exchange rate for the past year to levels not seen since 2008, boosting the value of export sales considerably. One of the first companies to report the benefits of this was long-struggling Mitsubishi Motors, which reported record profits for the year ending March - the equivalent of more than $1bn in dollar terms - on a 15% surge in revenues to almost $21bn. As a result, the company said it would pay a dividend to shareholders for the first time in 16 years.
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