Mitsubishi Motors yesterday reported its first net group profit for three years – $89 million – citing cost reductions achieved with help from DaimlerChrysler, which holds a 37.3% stake.
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“It’s only a milestone in the three-year turnaround plan,” chief operating officer Rolf Eckrodt told reporters. “The domestic market remains our major challenge.”
Fiscal 2001 sales reached $25 billion, down 2% from a year ago, and better than expected after a string of recalls and the recall cover-up scandal in Japan.
Mitsubishi sold 1.41 million vehicles in fiscal 2001, compared with 1.44 million a year ago. Sales in overseas markets were virtually unchanged but the Japanese domestic market slice dropped about 8% from 507,000 to 468,000 units.
