Mitsu Troubles Deepen with Recalls - The Car Connection
Since announcing the first revival plan, which included $4 billion in emergency aid from banks and the larger Mitsubishi consortium, Mitsubishi Motors has been rocked by a new recall scandal that has put a huge dent in the sales. The company's reputation never completely recovered from the first scandal that erupted four years ago when it was disclosed that the company had hidden defects in its vehicles from Japanese consumers. Faced with the devastating news, however, Okazaki said Mitsubishi was make more cuts in its operating expenses. It will trim employee salaries and forego retirement allowances for executive as well as cutting the marketing and development budgets. Meanwhile, DaimlerChrysler AG, Mitsubishi's nominal partner, has suggested it may seek damages from Mitsubishi Motor for the trouble at the Fuso truck unit. Early the year, the German-American automakers had paid $474 million to increase its stake in Fuso, which is supposed to become a key cog in the expansion for the expansion of DaimlerChrysler's commercial vehicle group into Asia.
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Mitsubishi Corporation - Machinery Group - Business Investments
Combines the proven strength of Mitsubishi Corporation in water and sewerage projects worldwide with the abundant experience of Nihon HELS Corporation in the operation of water treatment facilities in Japan. Established in 1989, the company is a wholly-owned subsidiary of Mitsubishi Corporation. It operates and manages ships held by the overseas subsidiaries established for owning ships. Its other businesses include management of the shipping finance and brokerage of new, used, and chartered ships that are arranged by MC. A wholly-owned subsidiary of Mitsubishi Corporation (MC) established in October 2004 as a joint initiative of MCs Financial Services Division and its Project Development & Industrial Machinery Business Division. In order to respond to the growing needs of corporate investors around the world, the company is committed to developing private real estate funds and providing asset management services.
Your Translation Partner
Mitsubishi Motors Corporation (MMC) of Japan is one of the very few firms in the world that produces a full line of automotive products, ranging from 660-cc mini cars to passenger cars, light commercial vehicles and heavy-duty trucks and buses. Mitsubishi's automotive tradition dates back to 1917 when the Mitsubishi Model A, Japan's first series-production automobile, was introduced.
The Center for Auto Safety
Investigators are reviewing data regarding Mitsubishi vehicle accidents - including some claims that Mitsubishi cars, trucks and SUVs spontaneously caught fire on Japanese roads and highways. Twelve former top Mitsubishi auto executives - including former chief executive Katsuhiko Kawasoe - have been arrested on charges of negligence or falsifying documents. Mitsubishi officials concede that a culture of cover-up existed at the company. Its revelation is doing more than threaten the survival of a once-venerable automobile brand founded in the midst of Japan's great period of industrialization in the late 19th century. The case also cast a spotlight on the ingrained tradition of corporate conformity and strict obedience to bosses, regardless of their ethics.
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