TOKYO, Nov. 7, 2024 – Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) today announced that it has decided to acquire up to 149,028,300 shares (representing 10.02% of the total number of issued shares, excluding treasury shares) from Nissan Motor Co., Ltd. (hereafter, Nissan), reducing Nissan’s current 34.07% stake (506,620,577 shares) in Mitsubishi Motors.
At 8:45 a.m. on November 8, 2024, a consigned purchase order will be placed with the Tokyo Stock Exchange off-auction own share repurchase trading system (ToSTNeT-3) at the price of JPY 460.6 per share, which is the closing price (including final special quote) for today, November 7, 2024 (no changes to other transaction systems or transaction times will be made). The purchase order will be valid at the transaction time specified above.
In light of the recent trend to reduce cross-shareholdings, Mitsubishi Motors has decided to repurchase its own shares from Nissan Motor after considering ways to improve capital efficiency and expand shareholder returns.
Mitsubishi Motors and Nissan will continue their collaborative efforts to drive innovation and deliver exceptional value to their stakeholders. Together, the Alliance companies are actively engaged in high-value creation projects that respond to evolving industry trends.
Mitsubishi Motors Reports Strong Third Quarter 2024 Sales
FRANKLIN, Tenn., Oct. 1, 2024 – Mitsubishi Motors North America, Inc. (MMNA)’s enviable reputation for high quality, award-winning vehicles that deliver style, technology and outstanding value continues to perform well in the minds and pocketbooks of consumers. MMNA closed out the third quarter of 2024 with sales results of 31,588. On a year-to-date (YTD) basis, sales of 82,718 represent an increase of 22.1%.
Continuing as MMNA’s top performer, Outlander led the brand’s sales results with 11,138 sales, an increase of 19.3% year-over-year (YOY), and up 6.3% YTD. With plug-in hybrid vehicles gathering momentum in the marketplace, the award-winning Outlander Plug-in Hybrid recorded 2,279 sales for the quarter, up 20.8% YOY.
Eclipse Cross performed strongly, with quarterly sales of 4,196 representing an increase of 26.7% YOY. Sales performance for Eclipse Cross has been strong across the full calendar year, as YTD sales of 10,184 represent an increase of 33.2%.
A boost to Mirage availability drove sales across the quarter to 10,162 units, an increase of 152.3%. In addition, the strong quarter drove YTD sales performance of 20,024, a jump of 114.3%.
News and Notes
Mitsubishi Motors’ flagship Outlander Plug-in Hybrid recently won Green Car Journal’s annual Family Green Car of the Year award for the third consecutive year. This is the first time the coveted award has ever been won by the same vehicle three times in a row. “The Outlander Plug-in Hybrid is an ideal choice for families desiring a versatile vehicle that speaks to electrification and decreased carbon emissions, without requiring sacrifices in capabilities or driving range,” said Ron Cogan, editor and publisher of Green Car Journal andGreenCarJournal.com.
MMNA recently promoted Frans (Jack) Vossenberg and James (Jimmy) Scarboro from Regional Director to the newly created position of Regional Vice President. Vossenberg will lead the Northeast region, and Scarboro will lead the Southeast region.
The promotions recognize the importance of reinforcing the ongoing relationships with MMNA’s dealer partners in their respective regions, the support of increased sales of new Mitsubishi vehicles and the experience of current and future Mitsubishi customers in alignment with the company’s recently announced brand-wide Mitsubishi Motors Momentum 2030 plan.
MMNA continues to work toward achievement of its recently announced forward-looking North American business plan, dubbed “Mitsubishi Motors Momentum 2030”. Outlining business and product plans through fiscal-year 2030, the plan was first revealed to the company’s dealer partners in a national dealer meeting in Nashville, Tenn., and was met with considerable enthusiasm and excitement. Plan highlights include:
Electrification with a blend of powertrains – hybrid, plug-in hybrid, battery electric
One new or completely refreshed vehicle to debut each year between fiscal 2026 and fiscal 2030; new vehicles to be introduced across more segments, nearly doubling the number of product offerings
Dealer network expansion to cover more sales markets across the U.S.; new-design dealerships to be introduced, reducing the cost of entry for dealer partners and heralding a new way to shop for and buy new cars
Technology and innovation will be the hallmark of MMNA’s sales, marketing, and customer satisfaction processes
Individual model sales results:
| Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | |
|---|---|---|---|---|
| MIRAGE | 10,162 | 4,028 | 20,024 | 9,344 |
| OUTLANDER SPORT | 3,813 | 3,630 | 11,706 | 12,122 |
| OUTLANDER | 11,138 | 9,340 | 35,629 | 33,522 |
| OUTLANDER PLUG-IN HYBRID | 2,279 | 1,887 | 5,175 | 5,104 |
| ECLIPSE CROSS | 4,196 | 3,311 | 10,184 | 7,644 |
| TOTAL ALL | 31,588 | 22,196 | 82,718 | 67,736 |