Struggling Mitsubishi Motors has reported first-quarter operating losses of 31.71 billion yen ($285 million; £156.5 million) in the three months to June, according to the BBC.
Go deeper with GlobalData
Mitsubishi reportedly said the figure represented a quarter of its full-year loss forecast of 120 billion yen.
The BBC noted that revelations that Mitsubishi and its truck division Mitsubishi Fuso had been hiding defects to prevent product recalls have cut the company’s car sales in Japan by more than 50% in each of the last three months.
Mitsubishi’s future was thrown in doubt after DaimlerChrysler withdrew support for its Asian partner in April, but Mitsubishi has since brokered a $4 billion rescue package, the report noted.
Mitsubishi’s net losses deepened to 54.6 billion yen, compared to 51.14 billion yen in the April-June period of 2003, the BBC said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
