Mitsubishi reports quarter-billion-dollar quarterly losses

Mitsubishi reports quarter-billion-dollar quarterly losses

November 4, 2020 0 By autotimesnews

It is reported in the company’s quarterly report.

Japanese automaker Mitsubishi reported losses in the third quarter of this year. Thus, the operating losses of the brand amounted to $ 279.1 million. Note that last year Mitsubishi, on the contrary, earned $ 60 million.

In connection with such indicators, the company intends to reduce a fifth of its fixed spending in the next two years. It is assumed that Mitsubishi will close some dealerships around the world, as well as lay off employees and carry out restructuring.

At the same time, the company has already lowered its forecast for car sales by 21,000 units – to 824,000 vehicles by the end of the current year. The manufacturer is also reducing its presence in Europe and North America and focusing on Asia. At least one plant in Japan is expected to close next year, which builds the Pajero SUV.