Serves the Commercial Small Fleet Market of 10 – 50 Vehicles

Mitsubishi gets $4 billion for survival plan

May 21, 2004

TOKYO - Mitsubishi Motors Corp. said on Friday it had secured $4 billion in emergency rescue funds to rescue the company, Reuters reported Friday. Under the plan, Mitsubishi will the funds from its strategic partner China Motor Corp and from the financial markets, the company said in a statement. Japan's fourth-largest carmaker, mired in slumping sales, mounting debt and recall scandals, has been struggling to map out a viable future after DaimlerChrysler, its main shareholder, decided against injecting any fresh capital last month. Mitsubishi vowed a return to profit by the business year starting next April through a restructuring that will see it close a plant in Japan and cut its non-factory workforce by 30 percent, or 7,600 people, in three years. MMC on Friday forecast a profit of 10 billion yen ($88.8 million) next business year.
Twitter Facebook Google+

Comments

Please note that comments may be moderated. 
Leave this field empty:
 
 

Fleet Incentives

Determine the actual cost of owning and running a vehicle in your fleet. Compare vehicles by class and model.

FleetFAQ

Fleet Tracking And Telematics

Todd Ewing from Fleetmatics will answer your questions and challenges

View All

 

Fleet Management And Leasing

Merchants Experts will answer your questions and challenges

View All

 

Sponsored by

Exhaust Gas Recirculation (EGR) is a nitrogen oxide (NOx) emissions reduction technique that is used in petrol/gasoline and diesel engines.

Read more

Up Next

More From The World's Largest Fleet Publisher