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Few speedbumps on Asian carmakers' road to Europe

March 6, 2013 23:00
The economic crisis in Europe has a silver lining for Asian carmakers which are gaining sales and market share on the continent at the expense of ailing European competitors, observers said on Wednesday. Last year, just 12 million new cars were sold throughout the European Union -- the lowest number since 1995 -- and 2013 has gotten off to a bleak start as well. But as European automakers like PSA Peugeot Citroen, Renault, Fiat and Opel struggle to bounce back, Asian rivals have expanded their traditionally far smaller presence on the continent.

Mitsubishi Electric pays $810 mn in overcharge penalties

February 13, 2013 09:15
Mitsubishi Electric said Wednesday it has paid the Japanese government about $810 million after it inflated fees for defence and other contracts, the latest in a wider overcharging scandal. The company, which makes everything from batteries to nuclear plants, had been barred from bidding on government contracts until it paid the defence ministry some 60.28 billion yen ($645 million) in penalties, interest and reimbursements for jacking up its rates.

Mitsubishi Motors says April-Dec profit jumps 27%

February 5, 2013 04:45
Mitsubishi Motors said Tuesday its net profit for the nine months to December jumped 27.3 percent from a year earlier to 17.3 billion yen ($187 million), largely thanks to cost-cutting efforts. The Japanese automaker said sales edged down 0.8 percent to 1.28 trillion yen, while operating profit rose 6.2 percent to 40.9 billion yen. Mitsubishi said the profit gain was mainly due to brisk sales in Southeast Asia as well as lower fixed expenses, although gains were pared by losses tied to the sale of its Netherlands-based plant, NedCar.

Japan's Mitsubishi says nine-month profit down 23.4%

February 1, 2013 03:00
Japan's largest trading house Mitsubishi Corp. said Friday that its nine-month to December net profit dropped by nearly a quarter on higher costs and a slump at its Australian coal unit. The company posted a 283.60 billion yen ($3.1 billion) net profit, down 23.4 percent from a year earlier, "mainly due to lower sales prices at an Australian resource-related (coking coal) subsidiary and a steel product-related subsidiary".
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