Mitsubishi Motors Corp. will announce a new restructuring plan on Friday, May 21, the company has said.
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Mitsubishi Chairman, President, and CEO Yoichiro Okazaki will reveal details of the plan and disclose financial results for the fiscal year ended March 31. The company most recently predicted an operating loss for the fiscal year just ended of 105 billion yen, or $993.5 million at current exchange rates, and a net loss of $681.2 million.
Japanese media reports have speculated that the plan – involving finance from Mitsubishi Group companies – will call for workforce cuts of 20 percent outside of Japan and 10 percent in Japan, and the closing of Mitsubishi’s smallest assembly plant in Japan. No clear picture has emerged of the fate of Mitsubishi’s assembly plant in Normal, Ill.
The carmaker has declined to confirm any details of the plan.
On Monday, government officials from Australia met with Mitsubishi to urge it to continue building cars at a plant there. Afterwards, Mitsubishi released a statement saying that it “very much appreciates the support and cooperation of both the Federal and State governments of Australia,” but added; “No decisions on the future of Mitsubishi Motors Australia Ltd. have been made.”
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