Mitsubishi Motors has reported a disappointing set of quarterly financial results for its FY2024 first quarter ended 30 June 2024.
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Net sales for the three months ended June 30, 2024 were 627.5 billion yen (1.3% under last year’s pace) and operating profit was 35.5 billion yen (a decrease of 21.3% year-on-year). Net income in the quarter was off 38% year-on-year at 29.5 billion yen.
The company said the sales environment is ‘becoming increasingly severe in areas such as our focus areas where demand for automobiles is sluggish due to the delay in economic recovery’. Lower profits in southeast Asia have hit MMC over the past six months, where it also faces tougher competition from Chinese OEMs.
One bright area for the company’s outlook is North America, where it is benefiting from currency effects and it is aiming to boost sales there by 13% in FY2024 to 185,000 units (versus 163,000 units in 2023). In the ASEAN region, the company hopes to see a recovery led by the launch of the new Triton pickup range.
