Mitsubishi Motors Corp will focus on cutting fixed costs by 20% or more in the next two years after reporting an 89% drop in annual profit, its weakest performance in three years, and skipping its year-end dividend.
) will focus on cutting fixed costs by 20% or more in the next two years after reporting an 89% drop in annual profit, its weakest performance in three years, and skipping its year-end dividend.
The coronavirus crisis has exacerbated Mitsubishi’s struggles in a year where Japan’s sixth biggest carmaker was already battling falling sales in China and also southeast Asia, its largest market which accounts for one-quarter of sales. “Before the virus we had been mulling which underperforming regions and vehicle segments to cut our exposure to,” CEO Takao Kato told a results teleconference.
Global automakers are struggling to cope with the crisis, which has pummeled car sales due to lockdowns in many countries.
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