International Herald Tribune (NYT), May 24, 2005
Mitsubishi Motors said Monday that its net loss for the year ended March 31 more than doubled as sales at the Japanese automaker continued to decline.
[...]
The loss of Y474.8 billion, or $4.4 billion, was mostly caused by plunging sales in the United States and Japan. The company's brand image has suffered in Japan from recurring questions about the quality of its vehicles, while U.S. sales have been shrinking rapidly since a surge in loan defaults forced it to restrict lending to car buyers two years ago. Sales in North America fell 36 percent to 174,000 vehicles.
[...]
Mitsubishi Motors had already warned that tumbling sales would bring more pain. The figures reported Monday were in line with forecasts it issued in January, when it received a Y540 billion bailout [...]
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I wonder if they will manage to turn it around? I suppose it's possible -- the US car industry came back from the brink.
