Just saw on CNBC - Mitsu looking to sell US Auto ops
Feb 17, 2005, 01:42 PM
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Just saw on CNBC - Mitsu looking to sell US Auto ops
It's not old news, it's a new rumour just mentioned just now on CNBC. Supposedly the story is in the Wall Street Journal today or WSJ online. Mitsubishi looking to sell its US Car operations. A few buyers were mentioned but they were not other auto companies. I wonder if this means a good deal for an EVO? 
(probably no one to honor the warranty, however) The article mentioned that they would still have car sales in other countries.
(probably no one to honor the warranty, however) The article mentioned that they would still have car sales in other countries.
Feb 17, 2005, 01:57 PM
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Yeah, I agree. Where they really screwed up is their US financing operation. I had a friend who worked for Mitsubishi and he told me some horror stories. They made a lot of bad loans, just to move cars. The cars got repo'd and Mitsu was/is stuck with them. Apparently there is a large lot in AZ and there are hundreds of cars just sitting there. Mitsu would apparently loan money to anyone. Plus, they have come out with some models that are not exactly appealing. Except for the EVO! This car could be a real collector item. I'd like to find that WSJ article...
Feb 17, 2005, 02:00 PM
#6
I was watching Autoline on Speed last week and they mentioned how Mitsubishi got in this pickle was with the 0/0 campaign. How can run a company with no money since so many people were not making payments for a year, then the car had normal depriciation and people had huge payments on a Lancer. They are really the butt of all the jokes in the automotive business circles. I doubt seriously they will fold completely.
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Feb 17, 2005, 02:06 PM
#8
http://online.wsj.com/public/us have to subcribe to read more
Feb 17, 2005, 03:19 PM
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By Alan Ohnsman
Feb. 17 (Bloomberg) -- Mitsubishi Motors Corp. has been
discussing a sale of its U.S. plant and North American sales
company with potential investors including Ripplewood Holdings
LLC, the Wall Street Journal reported, citing people familiar
with the matter.
Osamu Masuko, president of Tokyo-based Mitsubishi Motors, in
January met with possible buyers at the Detroit auto show, the
Journal said on its Web site today. He was joined on the trip by
Yasushi Ando, president of Tokyo-based Phoenix Capital Co., which
owns 21.2 percent of the automaker, the newspaper said.
Mitsubishi Motors has ``no plan to sell our U.S. plant nor
U.S. sales operations,'' company spokeswoman Dotty Diemer said in
a statement e-mailed to Bloomberg News. The automaker in its
``revitalization plan announced on Jan. 28 clearly stated that,
and this is the plan moving forward,'' she said.
Talks centered on the sale of Mitsubishi's Normal, Illinois,
factory and North American business based in Cypress, California,
the Journal said. Ripplewood didn't show much interest, the
newspaper said, citing the people familiar with the matter.
Ripplewood didn't immediately return a call from Bloomberg News.
(WSJ 2-17)
For the Wall Street Journal's Web site, see WWSJ <GO>
--Editor: Lear
Story illustration: For the company's balance sheet over the
past two business years, see 7211 JP <Equity> DES9 <GO> .
See 7211 JP <Equity> CNP 07384990108 <GO> for a tour of
selected functions related to the company's earnings.
Feb. 17 (Bloomberg) -- Mitsubishi Motors Corp. has been
discussing a sale of its U.S. plant and North American sales
company with potential investors including Ripplewood Holdings
LLC, the Wall Street Journal reported, citing people familiar
with the matter.
Osamu Masuko, president of Tokyo-based Mitsubishi Motors, in
January met with possible buyers at the Detroit auto show, the
Journal said on its Web site today. He was joined on the trip by
Yasushi Ando, president of Tokyo-based Phoenix Capital Co., which
owns 21.2 percent of the automaker, the newspaper said.
Mitsubishi Motors has ``no plan to sell our U.S. plant nor
U.S. sales operations,'' company spokeswoman Dotty Diemer said in
a statement e-mailed to Bloomberg News. The automaker in its
``revitalization plan announced on Jan. 28 clearly stated that,
and this is the plan moving forward,'' she said.
Talks centered on the sale of Mitsubishi's Normal, Illinois,
factory and North American business based in Cypress, California,
the Journal said. Ripplewood didn't show much interest, the
newspaper said, citing the people familiar with the matter.
Ripplewood didn't immediately return a call from Bloomberg News.
(WSJ 2-17)
For the Wall Street Journal's Web site, see WWSJ <GO>
--Editor: Lear
Story illustration: For the company's balance sheet over the
past two business years, see 7211 JP <Equity> DES9 <GO> .
See 7211 JP <Equity> CNP 07384990108 <GO> for a tour of
selected functions related to the company's earnings.
Feb 17, 2005, 03:53 PM
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No one can buy Mistubishi Motors North America and not take on the liability for warranty repairs, it just doesn't work that way. Whoever buys MMNA has to honor your warranty (to the extent you have one under the terms of MMNA's warranty).
Feb 17, 2005, 04:06 PM
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Hey Richard..
So, given that the buyer must honor warranty claims, do you think Mitsubishi will find a buyer, if they are indeed looking?
BTW, Will you be at Pahrump with RF in March?
So, given that the buyer must honor warranty claims, do you think Mitsubishi will find a buyer, if they are indeed looking?
BTW, Will you be at Pahrump with RF in March?