Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Mitsubishi Motors New Zealand Continues to Grow


Media Release 29 April 2004

Mitsubishi Motors New Zealand Continues to Grow

John Leighton, managing director Mitsubishi Motors New Zealand said today there has been much media speculation over a decision by partner DaimlerChrysler not to participate in a planned capital increase by Mitsubishi Motors Corporation (MMC).

“DaimlerChrysler’s decision has been precipitated by several factors including the financial problems MMC has experienced through the vehicle financing deals it was offering in the American market and the impact of a major recall four years ago.

“However, Mitsubishi Motors is a very large global conglomerate with extensive design and research capabilities, and state of the art manufacturing facilities. Three quarters of global sales and half of global production occur outside of Japan and it has 45,000 employees worldwide. It is a very substantial, well-resourced, multinational corporation.

“The other major shareholders have grouped together and are devising a management and financial plan that will be announced by the end of May. They have stated unequivocally that they are committed to building on the strength of MMC worldwide.

“It should also be remembered that DaimlerChrysler still has a 37% stake in MMC. It will be continuing with all existing joint projects, and has not excluded participation in additional projects which may come up in the future.”

Mr Leighton says in the New Zealand market, Mitsubishi has gone from strength to strength, increasing both sales and market share.

“We sold 9,500 vehicles in 2003 compared with 5,500 in 2001, our market share has increased from 7.4% in 2001 to 10.2% in 2003. Last year MMNZ recorded a net profit of $11 million, with our vehicle sales growth double the industry average. We are continuing on this growth path with sales for the first quarter of this year up 8% over the same period last year. MMNZ’s strong performance lies in the strength of MMC as a leading innovative automotive manufacturer.

“Local recognition of the innovative design of MMC product can be seen in the recently introduced Colt winning this year’s AA Autocar Small Car of the Year Award. It will be further manifest in the launch of the stunningly designed new people mover that will be released in New Zealand in four weeks’ time.

“MMNZ is in good health and good spirits as we await the announcement of the new management plan from our major global shareholders,” Mr Leighton said.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Barfoot & Thompson: Auckland Rental Prices Inch Up Again, But Upward Trend Could Ease In Coming Months

Data from nearly 16,000 rental properties managed by real estate agency Barfoot & Thompson shows Auckland’s average weekly rent rose by $6.12 (or 1 percent) during the second quarter... More>>

ComCom: Draft Report Says Regulatory System Favours Established Building Products
The Commerce Commission’s draft report into competition in the residential building supplies industry has identified two main factors negatively impacting competition... More>>

Statistics: Annual Wage Inflation Rises To 3.4 Percent
Wage inflation, measured by the labour cost index (LCI), was 3.4 percent in the year ended June 2022, while average ordinary time hourly earnings rose 6.4 percent, Stats NZ said today... More>>

ALSO:



Heartland: Retirees Facing Pressure From Higher Cost Of Living And Increasing Debt In Retirement

Heartland has seen a significant increase in Reverse Mortgages being used to repay debt. Among the most affected by the increasing living costs are retirees, many of whom are trying to get by on NZ Super alone... More>>


APEC: Region’s Growth To Slow Amid Uncertainties And Crises
Economic growth in the APEC region is expected to slow this year amid soaring inflation, a protracted war in Ukraine and heightened uncertainties, on top of the continuing impact of the pandemic and virus mutations that are draining resources, according to a new report by the APEC Policy Support Unit... More>>


Financial Markets Authority: Survey Sheds Light On New Zealanders’ Experiences With Financial Sector
Most New Zealanders are confident in their ability to make financial decisions, but only one-fifth say they are in a secure financial position... More>>