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Mitsubishi Motors Achieves Robust Sales Increase In Early 2024
Mitsubishi Motors North America, Inc. (MMNA) reported robust sales for the first half of 2024, totalling 51,130 units. This marks a 12.3% increase compared to the same period in 2023 and is the strongest first-half sales performance since 2021.
Calendar year-to-date (CYTD) sales figures reveal significant growth across several models. The Outlander saw a modest rise of 1.3%, while the Mirage/Mirage G4 and Eclipse Cross experienced substantial increases of 85.5% and 38.2%, respectively.
In May, MMNA unveiled its "Momentum 2030" business plan, outlining strategies through fiscal-year 2030. The plan includes introducing one new or refreshed vehicle annually from fiscal 2026 to fiscal 2030, nearly doubling the current product offerings.
The plan also focuses on expanding the dealer network to cover more U.S. markets and introducing new dealership designs to reduce entry costs for dealer partners. Electrification will be a key component, with a mix of hybrid, plug-in hybrid, and battery electric powertrains.
Despite an overall Q2 sales decline of 7.6% year-over-year, specific models showed impressive gains. Mirage hatchback sales surged by 243.4%, while Mirage G4 sales increased by 70.3%. Collectively, the Mirage lineup saw a remarkable rise of 146%.
Outlander remained the volume leader with CYTD sales reaching 24,491 units, up from last year's figure of 24,182 units. The Eclipse Cross also performed well with CYTD sales climbing to 5,988 units from last year's total of 4,333 units.
Operational Updates
The reopening of the Port of Baltimore in June improved vehicle delivery logistics for MMNA and its dealer partners. Operations resumed on May 25 following the partial collapse of the Francis Scott Key bridge.
However, industry-wide challenges such as the CDK cyberattack affected about one-third of MMNA's dealer partners across the U.S., impacting their operations during this period.
Leadership Changes
During this quarter, MMNA announced Katherine Knight's promotion to Senior Vice President, Chief Legal and Administrative Officer. This newly created role aligns key strategic functions under her leadership as she continues to report to Mark Chaffin, President and CEO.
Company Overview
MMNA operates through approximately 330 dealer partners across the United States and is responsible for Mitsubishi Motors' sales, marketing, and customer service in the U.S. The company is headquartered in Franklin, Tennessee, with additional corporate operations in California, Georgia, Michigan, and New Jersey.
The "Momentum 2030" plan aims to transform MMNA's product lineup and business operations over the next five years. The company plans to introduce advanced-technology internal combustion engines alongside hybrids and battery electrics.
This comprehensive strategy also envisions a modernised retail sales model and aims for network expansion and increased sales growth across various segments.
The strong first-half performance sets a positive tone for MMNA as it enters the second half of the year with momentum driven by its strategic initiatives and robust product lineup.
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