Mitsubishi Australia
pp. 26-27 · Read in the full issue
MITSUBISHI Motors Australia, owned 99.6 per cent by Japans’ Mitsubishi Motors, was hit by the automotive recession in the Pacific region 2nd high initial costs for new models.
It suffered a SASO million (SUS3B million) turnaround in earnings for the year to December 31. It posted a 5A23.8 million loss, compared to the 5A25.9 million profit in 1990. Mitsubishi is reviewing operations in the Pacific. It would be completed by September.
The company, like its rivals Toyata nd Ford, is also banking on the total olume of car sales increasing from 15,000 last year, the second lowest igure since 1968 to more than 600,000 in 994.
Mitsubishi Australia has been contrac ed to export 6000 Magnas to the United 'tates and is also talking to Europe /here it intends to sell betwen 3000 to 000 vehicles. Ford Australia made a loss f AS 150 million. Toyota Motor Corp. is lid to be marginal.