New car sales will stop once their currents products come to the end of their cycle.
They will freeze the introduction of new products in Europe.
Their focus will be on Southeast Asia for the next three years as part of a new midterm business plan.
Plant and dealerships closure are essential parts to Mitsubishi survival as they are dealing with more huge financial setbacks. So far, they’ve posted a net loss of 176.16 billion yen ($1.6 billion) in the fiscal first quarter through June and the year to come will involve an anticipated 140 billion yen ($1.33 billion) for the year ending in March of 2021.
Only last year, Mitsubishi was looking to strengthen its European presence however the current difficult times have changed all of this. Effective immediately, Mitsubishi will not update its fleet of vehicles currently for sale in Europe, according to Automotive News Europe (subscription required). This means that the anticipated all-new 2021 Mitsubishi Outlander PHEV may not be introduced at all – it was originally planned for the second half of 2020. Their most recent vehicle is the Eclipse Cross which was launched in 2017.
The Renault-Nissan-Mitsubishi Alliance is in the middle of a wide-ranging reorganization and this is part of Mitsubishi’s plan. Also part of this restructuring plan the Japanese automaker scaling back its North American operations as well.