The Japanese car manufacturer, partner of Renault and Nissan, revealed a net profit down 8% over one year, penalized in particular by the slump in the automobile market in Thailand and Indonesia.
Mitsubishi Motors, the third member of the Renault-Nissan alliance, published annual results and new objectives on Wednesday May 8, notably because of the poor shape of the automobile market in Southeast Asia, its main catchment area. .
Its net profit for its entire 2023/24 financial year, ended March 31, stood at 154.7 billion yen (926 million euros at current prices), a result down 8% on a year but a little beyond its own forecasts.
On the other hand, its annual operating profit, which stagnated at 191 billion yen, and its turnover which increased by 13% to 2,789.6 billion yen (16.7 billion euros) were a little lower than her goals.
“Gradual recovery” expected in Thailand and Indonesia
For 2024/25, Mitsubishi Motors anticipates a further deterioration in its net profit (-7% to 144 billion yen), but almost stable operating profit and a slight increase in turnover (+3% to 2,880 billion yen). ).
It is banking on a rebound in its sales in volume, to 895,000 units (+9.8%) after a small decline of 2% in 2023/24 to 815,000 vehicles sold.
Mitsubishi Motors is particularly hoping for a recovery in its volume sales in Southeast Asia, where they fell by 9% in 2023/24, having borne the brunt of the slump in the automobile market in the region, especially in Thailand and Indonesia.
A “gradual recovery” of the automobile sector in Thailand and Indonesia is “likely” in the second half of its new financial year, the brand with the three diamond logo estimated on Wednesday.
Late in electric vehicles
Late in electrification, Mitsubishi Motors gave up last year on continuing to produce in China, due to the collapse of its sales on this market in recent years in the face of formidable competition from local manufacturers, who have become the kings low-cost electric vehicles.
To reduce its costs and due to its limited resources, the design of its new electrified models is largely based on its partnerships with Renault and Nissan.
And like its two great allies, Mitsubishi Motors no longer refrains from establishing collaborations beyond their ecosystem: it announced on Thursday that it was exploring a partnership in electrified vehicles in Thailand with the national energy conglomerate PTT and its subsidiary in the Arun Plus electric vehicles.
