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Automobiles

Mitsubishi Motors slows pandemic slide as Southeast Asia recovers

Automaker heads toward the black next fiscal year after cutting costs

Mitsubishi Motors expects global annual sales to plunge by 29% to 802,000 vehicles. (Photo courtesy of Mitsubishi Motors)

TOKYO -- Mitsubishi Motors upgraded its full-year earnings guidance Tuesday thanks to a recovery in the Southeast Asian market and shrinking overhead costs, putting the company on course to potentially return to the black in fiscal 2021.

The Japanese automaker now projects a 330 billion yen ($3.14 billion) net loss for the year ending March. The figure represents an upgrade of 30 billion yen from the previous guidance, though it still dwarfs the 25.7 billion yen loss posted in fiscal 2019.

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