Volvo Car Corporation has agreed to transfer its (50%)interest in NedCar to Mitsubishi Motors Corporation as of 30 March 2001.
Mitsubishi Motors has warned its debt would be worse than initial forecasts due to the recent global recall of 2.5m cars and restructuring costs.
Mitsubishi Motors and Skoda have expanded their dealer networks. Mitsubishi has appointed six new dealers this year, all operational in time for the March plate change and helping to achieve the company's goal of appointing 20 new dealers by the end of the year.
Mitsubishi Motors UK has filled a key open retail sales point with the appointment of Mayfair Mitsubishi to operate from the central London site in George Street.
Mitsubishi Motors have signed up another dealer to their rapidly expanding Dealer network. Mantles Group have taken on the Mitsubishi franchise in Letchworth in Hertfordshire and will begin trading on 15 January.
Mitsubishi Motors UK has announced further reductions on the price of most models, some by £3,500, while increasing dealer margins. A year ago Mitsubishi was the first major importer to reduce prices of its vehicles, ranging from 10-15%.
Jim Tyrrell, after six months as managing director of Mitsubishi Motors UK, is forthright about one issue: “People will not buy that many cars over the internet. Dotcoms will never be able to replace traditional dealers.”
Jim Tyrrell, boss of Mitsubishi Motors UK, said Britain would be “insane” not to join the euro to help stabilise pricing.
Mitsubishi Motors has launched a van version of its Shogun Pinin to test demand for a compact 4x4 van, with prices starting from £10,995 for the 'i' and £11,995 for the GLX.
A 30-year cover-up of vehicle defects has been admitted by Mitsubishi Motors in Japan. The share price dropped on the announcement, designed to put an end to questions about the company's quality control.
Mitsubishi Motors UK has completed its internal restructuring programme with the appointment of two general managers and a new director of aftersales.
Mitsubishi Motors UK has this month dropped the price of parts for grey and parallel imports by 20% as it seeks to lower the cost of car ownership for all customers.
Mitsubishi Motors has appointed Peter Griffiths as general manager - network development with a remit to boost the dealer network from 117 to “a permanent and profitable” 150 outlets.
DaimlerChrysler will pay £1.26bn for a 34% stake in Mitsubishi Motors in a deal welcomed by the Japanese carmaker's UK importers and dealers.
