Mitsubishi concentrates on emerging markets and environmental initiatives

Mitsubishi to jointly develop mini vehicles and expand mutual supply with Nissan



 Mitsubishi Motors (Mitsubishi) developed the FY2011-2013 mid-term business plan "Jump 2013" in January 2011. The plan includes concentrating resources in "emerging markets" and "environmental initiatives" to "grow and leap forward". This report compiles Mitsubishi's recent movements and future plans, highlighting its regional strategies of which directions were unveiled in the new mid-term business plan.

 The new mid-term business plan is intended to achieve a retail sales volume of 1.37 million units (990K units in FY2010), a net sales of 2,500 billion yen (1,828.5 billion yen in FY2010), and an operating income of 90 billion yen (40.3 billion yen in FY2010) in FY2013.

 As for the product strategy, Mitsubishi will strengthen its electric vehicles and expand its global strategy models, centering on the "Global Small" which will be launched at the third Thailand plant in March 2012.

 According to its regional strategy, Mitsubishi will attempt to enhance production capacity and increase profits in emerging markets. China, Russia, ASEAN countries, and Brazil are the heart of the strategy where Mitsubishi will launch new products and drastically increase production capacities. It is expected that overseas production will be up from 44% in FY2010 to 54% in FY2013 of its global production.

 In the mature markets, Mitsubishi aims to adjust production capacities and solidify profitability. Mitsubishi will change its production models to compact SUV Outlander Sport (Japanese name: RVR) at its U.S. plant, while it will discontinue production of the Colt at the Netherlands plant by the end of 2012 (both plants will discontinue the production of region-specific models). In Japan, Mitsubishi will expand its scope of cooperation with Nissan to jointly develop mini vehicles and expand their mutual supply under the OEM agreement.

 Mitsubishi had an increase in net sales and profit in its FY2010 business results, thanks to its global sales expansion (with the exception of Japan). Mitsubishi expects in the FY2011 forecast that net sales and profit will increase, and it says that the forecast will be in line with the new mid-term business plan.

Environmental initiatives: Mitsubishi to launch three EV models and five PHV models in FY2011 to FY2015

 Mitsubishi announced that it will launch three EV models and five PHV models over five years from FY2011 to FY2015, according to the new mid-term business plan developed in January 2011. On the other hand, Mitsubishi plans to supply Nissan with the MINICAB-MiEV, a commercial mini EV, within FY2012 as part of the OEM program.
 In addition, Mitsubishi will introduce the next generation MIVEC engine within FY2011.

 For more details on the plan for Mitsubishi's environmental initiatives, please see the report on August 15, 2011 ( ).

EV/PHV/HV Introduction Plan

FY2011 FY2012 FY2013 FY2014-2015
EV Commercial mini EV 1 model 1 model
PHV 2 models 1 model 2 models
HV 1 model

Source: Mitsubishi Motors Mid-term Business Plan "Jump 2013" (2011.1.20)

Mitsubishi to fully remodel its MIVEC engines
 Mitsubishi fully remodeled its MIVEC engines. Adopting its newly developed variable valve lift and start-stop system (this is the first time for Mitsubishi to adopt the start-stop device in Japan), Mitsubishi will increase fuel economy by 10% compared to its current models. Mitsubishi's first developed MIVEC 1,800 cc engine that will be mounted on the refreshed RVR will be launched in autumn of 2011. Fuel economy (2WD) will be improved to slightly less than 17km/L from 15.2km/L of the current model (10・15 mode).
 Subsequently, Mitsubishi will develop a 1,000 cc class engine. This engine will be mounted on the new compact car, Global Small, which will be produced in Thailand from March 2012. Mitsubishi expects that the gasoline-powered car will have a fuel economy of 30km/L or more (10・15 mode).

Source: Nikkan Jidousha Newspaper 2011.4.12


Global Small to be introduced in March 2012, while planning to produce RVR globally

 Mitsubishi will start production of the global strategy car, Global Small, at the third Thailand plant in March 2012. Mitsubishi is also planning to produce the model in China, India, and Brazil, and sell 400K to 500K units of the model globally. According to Mitsubishi, the Global Small will be able to meet the needs in both emerging and mature markets based on the concepts of compactness, affordability, and high fuel efficiency.

Mitsubishi to introduce Global Small, planning to sell 400K to 500K units globally

 Mitsubishi will produce the Global Small at the third Thailand plant from March 2012. The model will be exported to the markets of ASEAN countries, Japan, the U.S., and Europe (in order). It is also planning to produce the model in emerging countries such as China, India, and Brazil, and sell 400K to 500K total units of the model globally.
 The Global Small which is based on the concepts of compact, affordability, and high fuel efficiency is positioned as an entry model of Mitsubishi's lineups toward the growing middle income class in emerging markets. The model is also designed to satisfy the growing demand for compact size and good gas mileage in mature markets, as they are heading toward downsized models. Thus, the model will meet the needs of both emerging and mature markets, according to Mitsubishi.
 Despite the compact size body, the cabin accommodates five adults. The Global Small will come with a three-cylinder 1,000 cc or 1,200 cc small engine. Mitsubishi aims for a fuel consumption of 30 km/L or greater in the 10-15 mode cruise with an idle stop mechanism and kinetic energy recovery system. The Global Small will be compatible with the eco-car project that is promoted by the Thai government.

Source: Mitsubishi Motors' Annual Report 2011

 In addition, the compact SUV RVR has been selling well among the models launched in the recent one to two years since the release in February 2010 in Japan. The RVR, which is based on the Outlander platform, is designed to accommodate five passengers by reducing the overall length and width. It was launched in Europe in August and the U.S. in October 2010.

 The Outlander Sport (Japanes name: RVR) will be produced at the U.S. plant from 2012. Mitsubishi is expected to begin production of the model in Indonesia and Malaysia from 2012 to 2013.

Specifications of RVR in Japan

RVR Outlander
Length × Width × Height 4295mm×1770mm×1615mm 4640mm×1800mm×1680mm
Wheelbase 2670mm 2670mm
Seating capacity 5 7
Engine displacement 1798cc 1998cc/2359cc
Base price 1,785,000 Yen 2,152,000 Yen

Source: Mitsubishi's website


Mitsubishi to increase production capacity to expand profits in emerging markets

 In Mitsubishi's FY2011 business forecast, the regions of "Asia and others" (all regions other than Japan, the U.S., and Europe) will account for 45% of total sales, and they will serve as a mainstay for the company's profit. The new mid-term business plan places a stress on the markets of China, Russia, ASEAN countries, and Brazil, where Mitsubishi will proactively introduce new products and drastically increase production capabilities. It plans to achieve a sales increase of 270K units in the emerging markets out of the 380K unit total increase in the three-year new mid-term business plan.

Net sales and operating income by region

(JPY 100M)
FY2007 FY2008 FY2009 FY2010 FY2011
Net sales Japan 4,885 3,984 3,685 3,633 3,700 824 761
North America 4,027 2,322 1,754 1,898 1,900 393 413
Europe 9,316 6,317 2,692 4,900 5,100 1,053 1,177
Asia & others 8,593 7,113 6,325 7,854 8,800 1,767 1,968
Total 26,821 19,736 14,456 18,285 19,500 4,037 4,319
Operating income Japan (189) (151) (12) 51 70 (23) (24)
North America (178) (396) (282) (279) (330) (67) (69)
Europe 797 53 8 (264) (170) (102) (35)
Asia & others 656 533 425 895 930 147 250
Total 1,086 39 139 403 500 (45) 122
Source: Additional Information Material for Financial Results
NOTES: 1. The table above shows the net sales and operating income to external customers classified by their location. Thus, this is different from the information by segment (sales and profits classified by each location of Mitsubishi and its consolidated subsidiaries).
2. Mitsubishi Motors positions Russia, Ukraine, and Kazakhstan as emerging markets, although they are included in Europe in the above table. Also, it positions Australia as a mature market, although it is included in "Asia and others".


China: Mitsubishi establishes fifty-fifty joint venture with Guangzhou Automobile Group to strengthen Mitsubishi brand

 The FY2010 retail sales volume in China increased to 168K units from 143K units in FY2009, although those of the Mitsubishi brand hovered at 65K units.

 To drastically increase its production capabilities, Mitsubishi will establish a new fifty-fifty joint venture with Guangzhou Automobile Group in China based on GAC Changfeng Motor which builds SUV models for the Japanese company. Mitsubishi plans to establish an organization which will proactively strengthen and expand its business in China.

 To reinforce the Chinese business further, Mitsubishi established a headquarter company, which mainly controls its technology and product quality. The company has been in operation since April 2011.

China: Mitsubishi to establish new fifty-fifty joint venture with Guangzhou Automobile Group

 To strengthen its Chinese business, Mitsubishi established a new cooperative relationship with Guangzhou Automobile Group, according to the announcement in November 2010. Mitsubishi expects to establish an equally-owned joint venture with Guangzhou Automobile by the end of 2011 based on GAC Changfeng Motor, which Mitsubishi and Guangzhou Automobile currently has a stake of 14.59% and 29% each.
 The new company will start production of its new models from July 2012. Mitsubishi plans to have the new company produce the Global Small in addition to the existing SUVs. Mitsubishi plans to increase the production capacity from 80K units per year to 250K units by 2017. It will also increase the number of dealerships from 100 as of middle of 2011 to 300 in the next three years.

NOTE: Mitsubishi Motors has stakes of 14.59% in GAC Changfeng and 25% in South East (Fujian) Motor. These small stakes have limited Mitsubishi to deploy Mitsubishi brand products and expand local production, which has been a bottleneck for Mitsubishi to expand its business. The equal stake in the new company will enable Mitsubishi to have responsibility in the business, and thereby, will contribute to profits eventually. Mitsubishi intends to expand and improve the quality of its Chinese business centering around the new company.

Mitsubishi to establish regional headquarters to control technology and quality
 Mitsubishi established Mitsubishi Motors (China) Co., Ltd., its wholly-owned regional headquarters in Shanghai, in December 2010. The new company mainly controls the technology and quality of its Chinese business, and has been in operation since April 2011.
 Mitsubishi took stakes/tied up with three local finished vehicle manufacturers and two major component (engine, etc.) suppliers. The new company will start with about 40 employees, and be in charge of marketing, product planning, local production support, and quality management of locally purchased parts and produced vehicles to establish and expand the Mitsubishi brand.

Source: Mitsubishi's press releases 2010.11.5/2011.3.22


Russia: Mitsubishi to start full-capacity production of SUV Outlander in 2012

 In Russia, Mitsubishi began to assemble the Outlander at the Kaluga plant, a joint venture with PSA, in September 2010. It will start full-capacity production from 2012.

Russia: Mitsubishi to start full-capacity production from 2012 and increase production capacity to 40K units

 Mitsubishi Motors and PSA jointly built a finished vehicle plant in Kaluga, Russia. The production of the Peugeot 308 and the Citroen C4 started at the plant in April and July 2010 respectively. The production of the Outlander and the Peugeot 4007/Citroen C-Crosser, which are the sister vehicles of the Outlander, also started at the plant in September.
 The components that are shipped from Japan and France are assembled at the Kaluga plant. It will start full-capacity production from 2012. Mitsubishi Motors will increase the production capacity from the current 15K units to 40K units in 2012 to increase production of the new Outlander for the Russian market.

Source: Mitsubishi's Annual Report 2011


ASEAN: Mitsubishi to produce Global Small in Thailand and expand cooperation with Proton in Malaysia

 In Thailand, Mitsubishi Motors will build its third plant to start production of the Global Small in March 2012. It plans to export it to the Japanese market from Thailand (as a successor model of the Colt).

 Mitsubishi will also strengthen the production capacity of the existing plants from 200K to 300K units, and plans to produce the Nissan Navara by commission.

 In addition, Mitsubishi, on September 15, 2011, unveiled that it started talks with Malaysian Proton to expand their collaboration.


Mitsubishi to increase production in five Southeast Asian countries

 On September 21, 2011, Mitsubishi Motors unveiled the following targets for the five Southeast Asian countries (Thailand, Indonesia, Malaysia, the Philippines, and Vietnam): increase sales volume from 150K units in FY2010 to 360K units in FY2015 and raise market share from 6.5% to 12%.

 Mitsubishi is planning to produce the RVR in Malaysia and Indonesia. In the Philippines, Mitsubishi plans to produce new transmissions and export them to Japan and the Southeast Asian countries. It expects to expand earnings in the growing market and avert the influence of the high yen.

Thailand: Mitsubishi builds third plant to produce Global Small

 Mitsubishi Motors invested about 45 billion yen in Mitsubishi Motors (Thailand) Co., Ltd. and started construction of its third plant in December 2010. The new plant will have a production capacity of 150K units in the first year, which will be increased to 200K units. Mitsubishi will produce its global strategy model, Global Small, from March 2012 at the new plant.
Mitsubishi to strengthen existing Thailand plants to produce Nissan Navara by commission
 In July 2011, Mitsubishi Motors announced that it will increase the production capacity of its existing two plants from 200K units to 300K units in early or middle of 2012. The increase in the production capacity will include the plan to produce 60K units of the Nissan Navara, a one-ton class pickup truck, by commission from FY2012 (Nissan will increase production of the March at the Thailand plant) (Note).

Source: Mitsubishi's press releases 2010.12.9/2011.7.13
NOTE: Mitsubishi and Nissan, in December 2010, announced that they would study the possibility for a development and production cooperation of their next generation one-ton class pickup trucks. According to the sources, they will promote the standardizing of parts for their next generation models and joint procurement.


Malaysia: Mitsubishi and Proton have talks about expanding collaboration

 On September 15, 2011, Mitsubishi Motors disclosed that it started talks about expanding collaboration with Proton in Malaysia. Both companies canceled the capital tie-up in 2004. After the cancelation, both companies signed the memorandum with respect to the restart of collaboration in 2006, and agreed to cooperate on the development and production of new model vehicles in 2008. Proton is producing the Inspira, based on the Mitsubishi Lancer, and sold about 6,300 units in the January to June period of 2011.
 This time, both companies are going to discuss the following collaboration projects: (1) joint production of engines in Malaysia, (2) production of Mitsubishi brand vehicles at Proton's plant, (3) standardizing major components for the Mitsubishi Global Small and the Proton new compact car, and (4) licensing of EV/PHV technologies for the future.
 On September 21, Mitsubishi unveiled its plan to outsource production of 50K to 70K Mitsubishi brand RVRs per year to Proton. It is expected to start production by the first half of 2013.

Source: Mitsubishi's press release 2011.9.15


Brazil: Mitsubishi will invest in the local manufacturer to double annual production capacity to 100K units

 In Brazil, MMC Automotores do Brasil produces and sells Mitsubishi vehicles by commission (without capital relationship). MMC Automotores sold 46K units in FY2010 and plans to sell 56K units in FY2011.

 Mitsubishi announced that it will drastically increase the production capacity in Brazil in its new mid-term business plan. It is said that Mitsubishi will invest in the above company, and double the production capacity to 100K units.


Mitsubishi to adjust production capacities in mature markets to move into black

 In the developed markets, Mitsubishi will be adjusting production capacities, such as replacing production models at the U.S. plant and stop launching the successor model of the Colt at the Netherlands plant. In Japan, Mitsubishi will increase production volume of mini vehicles under the alliance with Nissan. In addition, the company will attempt to move to the black in the mature markets by streamlining both production and sales.

 In mature markets (Japan, the U.S., Europe [with the exception of Russia] and Australia), Mitsubishi expects to have an increase in sales by 110K units in the three-year new mid-term plan.


U.S.: Mitsubishi to produce compact SUV, Outlander Sport, at Illinois plant from 2012

 At the Illinois plant in the U.S., Mitsubishi produces U.S.-specific medium and heavy duty vehicles of the Eclipse (two-door coupe/convertible), Galant (four-door sedan), and Endeavor (SUV). The production volume of these vehicles hovered at 23K units in FY2009 and 33K units in FY2010.

 Mitsubishi announced that it will start production of the compact SUV Outlander Sport (Japanese name: RVR) from the middle of 2012.

U.S.: Mitsubishi to produce Outlander Sport (RVR) at Illinois plant and export them to Central and South America and Middle East

 Mitsubishi's Illinois plant has a maximum production capacity of 220K units under two shifts; however, production hovered at 33K units in FY2010. Mitsubishi will produce the compact SUV Outlander Sport (Japanese name: RVR) from the middle of 2012. It will spend about 100 million dollars to transfer production of the models for North America, Central and South America, and the Middle East, which are currently produced at Nagoya Works' Okazaki plant, to the Illinois Plant; as a result, this U.S. plant will have an annual production scale of 50K units.
 The current production models of the Galant and the Endeavor will be discontinued in phases. Mitsubishi will have the Illinois plant produce global models and use it as an export center to supply the products to the USD-based markets of North America, Central and South America, and the Middle East. Thereby, Mitsubishi will increase the operation rate of the Illinois plant as well as prevent profit from declining due to the steep appreciation of the yen.
Source: Mitsubishi's press release 2011.2.5 & Annual Report 2011
NOTES: 1. Mitsubishi introduced the RVR (Japanese name) in the U.S. market as the Outlander Sport in October 2010. It sold 9,414 units from January to July 2011. The Outlander Sport is the best-selling among its light truck models.
2. In November 2011, Mitsubishi will launch the North American version i-MiEV which will have a wider and longer body and a steering wheel on the left side. It will launch the Global Small from the end of 2012.


Europe: Production of Colt to end at end of 2012 in the Netherlands

 Mitsubishi Motor attempts to build Mitsubishi's image as an environmental brand by proactively introducing EVs in Europe to increase sales volume.

 In 2010, Mitsubishi produced 25,906 units of the Colt and 24,627 units of the Outlander (including Mitsubishi brand vehicles sold in Europe and those supplied to PSA under the OEM program), totaling 50,553 units, at the NedCar Plant in the Netherlands. Mitsubishi will discontinue the Colt, which is the Europe-specific model, by the end of 2012 to adjust the production capacity. Mitsubishi will also launch the Global Small as a successor of the Colt in Europe.

 Mitsubishi will continue to produce the Outlander after 2013, although it has not unveiled countermeasures to address the decrease in production volume yet.


Japan: Mitsubishi to expand partnership with Nissan through joint development of mini vehicles and expanding procurement under OEM program

 Mitsubishi and Nissan agreed, in December 2010, to expand their alliance through joint development of mini vehicles and expansion of mutual OEM projects.

 In June 2011, Mitsubishi and Nissan established NMKV Co., Ltd., which is in charge of product planning and development of mini vehicles for the Japanese market. They expect that the mini vehicle market will remain as the key, accounting for over one-third of the Japanese new vehicle sales.

 Mitsubishi will expand its procurement from Nissan under the OEM program. Constraining developmental costs, Mitsubishi will strengthen its vehicle lineups and expand its sales. Mitsubishi will supply commercial mini EVs and SUVs for the Middle East to Nissan.

Mitsubishi and Nissan establishes joint venture for product planning and development of mini vehicles

 In June 2011, Mitsubishi and Nissan established a joint venture, NMKV Co., Ltd., which is involved with the mini vehicle business. Each company contributed a half of the 10 million yen in capital. The new company started with 35 employees and will be in charge of product planning and engineering for future mini vehicles in Japan.
 Mitsubishi will mainly design the mini vehicle models as before, and the vehicles will be produced in Mitsubishi's Mizushima plant. Nissan will participate in the procurement of parts, etc. and both companies will obtain quotes from their respective suppliers to select competitive suppliers by model.
 Both companies aim to increase their total share in the mini vehicle markets from 15% (in FY2010) to 20%. As the first step, they will develop the eK Wagon which Mitsubishi will launch in the first half of 2013 (Nissan is supplied with the model under the OEM program and sells it under the name of Otti).
Source: Mitsubishi/Nissan joint press releases 2010.12.14/2011.6.20
NOTES: 1. Nissan plans to increase its domestic share from 13% to 15%, according to its mid-term plan. For this purpose, it considers the product lineups of mini vehicles as crucial. The partnership will allow Nissan to participate in the product concept phase of the product planning, instead of just being supplied with vehicles developed by Mitsubishi Motors, in the future.
2. Nissan sold 141,487 mini vehicles in FY2010, of which 107,795 were supplied by Suzuki and 33,692 by Mitsubishi under the OEM programs. Nissan said that it would continue to purchase the mini models from Suzuki; however it is likely that Mitsubishi cars will increase.

Mitsubishi's procurement and supply under OEM program

Time of start Type/model Supplied from Notes
OEMs Type/model
Supplied to
2008 Lancer Cargo Nissan AD Bonnet vans
March 2011 Delica D:2 Suzuki Solio A box type car for five passengers
October 2011 Delica D:3 Nissan NV200 Light commercial vehicle
Summer 2012 not known Nissan Fuga High end sedan

NOTE: With the procurement of the Nissan NV 200 under the OEM program, Mitsubishi ended the procurement of the Mazda Bongo (Mitsubishi Delica Van/Truck).

Time of start Type/model Supplied to Notes
OEMs Type/model
Supplied by
2003 Mini vehicles Nissan Mini vehicles eK Wagon (Nissan Otti), etc.
July 2007 Outlander PSA 4007/
Being produced at the Netherlands plant of Mitsubishi
End of 2010 i-MiEV PSA iOn/C-Zero 100K-unit scale planned by 2015
Early 2012 RVR PSA Compact SUV About 5,000 units per year
Within FY2012 MINICAB-MiEV Nissan Not known Commercial mini EV
not known Pajero (possible) Nissan SUV For the Middle East market

Source: Mitsubishi's Mid-term Business Plan 2011.1.20, press release 2011.9.22


Increase in sales volume boosts net sales and profit in FY2010 and FY2011 business forecast

 Mitsubishi's retail sales expanded globally, except in Japan, from 960K in the previous year to 1.105 million units in FY2010.

 According to Mitsubishi, the effects of the strong yen were offset by increased sales volume and expense/cost reductions; therefore, Mitsubishi achieved an increase in net sales and profit. Fortunately, Mitsubishi said that the impact of the Great East Japan earthquake on the company was smaller than on other companies because most of its plants are in the western part of Japan.

 In the FY2011 business forecast that was announced in June, Mitsubishi expects that its retail sales volume will increase globally (with only Mitsubishi brand vehicles, the retails sales will rise from 987K to 1.075 million; see the table below), expecting to have a sales of 1,950 billion yen and an operating income of 50 billion yen. In the announcement of the first quarter results in August, Mitsubishi revised its business forecast for the first half upward with an increase in sales by 20 billion yen; however, Mitsubishi left the full-year business forecast unchanged from the announcement in June because of many uncertain prospects such as foreign exchange rates.

Retail volume by major country

(1,000 units)
FY2007 FY2008 FY2009 FY2010
(Note 2)
Calculation method (Note 2) Former method New method
Japan Non-Mini 84 54 65 60 64 15 13
Mini 135 114 106 104 100 23 21
Total 219 168 171 164 164 38 34
U.S. 124 84 54 62 73 13 24
Total 160 119 88 94 108 21 31
Europe Germany 32 29 24 29 30 6 8
UK 31 17 18 20 16 5 4
Russia 107 96 39 55 69 10 21
Ukraine 32 34 10 8 11 2 2
Total 341 272 170 218 227 46 64
Asia &
China 94 88 143 168
83 15 17
Taiwan 39 31 43 47
27 9 10
Thailand 27 19 23 48 64 9 19
Indonesia 34 40 40 59 73 13 17
The Philippines 18 25 33 34 8 8
Malaysia 13 11 17
13 3 3
Australia 66 57 59 63 70 18 16
Brazil 50 43 38 46 56 11 14
UAE 37 29 28 26 8 6
Total 640 507 531 (Former)629
576 125 138
Grand Total 1,360 1,066 960 (Former)1,105
1,075 230 267
Source: Mitsubishi's Additional Information Material for Financial Results
NOTES: 1. The total retail sales volume in each region includes those of the other countries in the same region.
2. Mitsubishi used to include other companies' brand vehicles in its retail sales volume if they were designed by Mitsubishi and Mitsubishi obtained income from royalties. From FY2011, it changed to counting only its own brand vehicles. For the FY2010 results, the data under the new calculation method are also included in the table. The differences are a total of 118K units in the three countries: China (the old Lancer (V3) under the Soueast brand), Taiwan (mini vehicle based commercial vehicles (Veryca) under the CMC brand), and Malaysia.


Consolidated Financial Results

(JPY Million)
FY2007 FY2008 FY2009 FY2010 FY2011
Net sales 2,682,103 1,973,572 1,445,616 1,828,497 1,950,000 403,733 431,949
Operating income 108,596 3,926 13,920 40,274 50,000 (4,495) 12,233
Ordinary income 85,731 (14,926) 12,980 38,949 40,000 (5,791) 10,301
Net income 34,710 (54,883) 4,758 15,621 20,000 (11,756) 4,270
Capital expenditure
R & D expenses
Forex (US$) 115 Yen 101 Yen 92 Yen 85 Yen 80 Yen 93 Yen 82 Yen
Forex (EUR) 162 Yen 144 Yen 130 Yen 113 Yen 115 Yen 119 Yen 118 Yen
Source: Mitsubishi's Consolidated Financial Results
NOTES: 1. Operating income was up by 26.4 billion yen to 40.3 billion yen in FY2010 from 13.9 billion yen in FY2009. Positive factors are volume/model mix of 53.3 billion yen and cost reduction of 21.1 billion yen, although the fluctuation in the exchange rates caused a negative 34.3 billion yen.
2. The FY2011 full-year business forecasts as of June and August were in line with the levels of the new mid-term plan. Mitsubishi considers the avert exchange rates and circumstances in the Chinese market as huge challenges.

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