Global production by Mitsubishi Motors Corporation was 10.6% down in 2004, to 1,413,403 units. “Substantial growth in Asia and Europe was offset by declines in North America and Japan,” the company, hit during the year by a home market recall scandal and financial problems in the US, said in a statement. Domestic market share for the year was 4.4%.
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Total domestic production was 639,883 units, 14.6% behind 2003’s total. Commercial vehicle production rose 3.4% but this gain offset by a 17.5% drop in passenger car output.
Growth of exports to Europe, as well as production in the region, was, however, robust: a 16.2% increase to 113,025 units. This was driven by gains in Russia, where 30,037 units were sold (69.7% up on 2003), and the introduction of the Grandis minivan to the European market. Production for Europe jumped 15.8% to 95,697 units, led by Dutch manufacture of the new Colt, launched in May.
513,762 units were produced in Asia, down 1.4%. This was due to the tightening of monetary policy in China, resulting in lower than expected sales, which caused an 18% reduction in production, Mitsubishi said. This was countered somewhat by a 28% rise in Thai production, driven by expanded L200 pickup truck exports to Europe.
The well-documented problems with the MMC subsidiary in North America, mostly due to a previous management’s drive to secure high default risk finance deals, and a subsequent move away from low-margin fleet sales with consequent inventory reduction, required a reduction in the US factory output, was down 24.8% to 113,307 units.
As a result, exports were down 62.2% to 44,000.
Japanese automakers set production record in 2004
