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Companies

Mitsubishi Motors losses to hit $3.4bn in FY2020 due to COVID

Second straight year in the red forces suspension of new European models

Sales for the Japanese automaker have skidded due to the pandemic.   © Reuters

TOKYO -- Mitsubishi Motors said on Monday it expects a group net loss of 360 billion yen ($3.4 billion) for the year ending March 2021, marking the second straight year of red ink, as sales cratered due to the coronavirus pandemic.

Mitsubishi, which is owned 34% by Nissan Motor, expects sales to drop 35% to 1.48 trillion yen, with volumes projected to fall 25% to 845,000 units.

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