More Bad News For Mitsubishi Motors
Japan's only money-losing carmaker, Mitsubishi Motors, skidded further into the red on Nov. 8 when it posted a record $1.3 billion net loss for the first six months from April. The company also slashed its forecast for the full year through March to a net loss of $2.2 billion on sales of $19.1 billion. The results have dashed hopes that the company, which has been dogged by a series of recall scandals in Japan, could rebound under a rehabilitation plan announced in May. Company President Hideyasu Tagaya is trying to keep production lines busy by supplying low-margin vehicles to other carmakers. Mitsubishi's stock price has dropped more than 50% since June and is trading just above the perilous 100-yen "penny stock" level.
Edited by Rose Brady