Mitsubishi 2005 Annual Report Download - page 30

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Annual Report 2005
28
MITSUBISHI MOTORS CORPORATION
Endeavor
A cross-over SUV targeting the American mid-size SUV market.
Galant
Boasting the largest dimensions in the North American mid-size sedan segment,
Galant features leisurely interior space and a design with presence.
In fiscal 2005, MMC aims to increase sales volume by
6% year on year to 184,000 units through the launch of
attractive new models. Our first new model in fiscal 2005
was
Eclipse
, which went on sale in May 2005 after a full
model change. With a design that evokes the sporty image
of Mitsubishi vehicles,
Eclipse
has made a strong start,
driven by growing popularity mainly among affluent young
adults. October 2005 will see the launch of
Raider
, a mid-
sized pickup truck which will be supplied on an OEM
basis by DaimlerChrysler. This will spearhead a major
drive to expand sales in the mid-sized pickup truck
market, a vast segment in North America. The launch of
these appealing models is expected to increase dealer
traffic and to help boost sales of existing models such as
Galant
and
Endeavor
.
MMC has created a new sales-finance system through
the establishment of a joint venture with Merrill Lynch &
Co., Inc. at the end of March 2005. The new venture
began operations in July 2005. This will enable MMC to
provide competitive financial products to customers, while
reducing risks associated with the sales finance business
and lowering operating costs.
In production, restructuring to rationalize capacity
and facilities has included the already completed change
to a single production shift, along with a headcount
reduction of 1,200 people. Also, MMC has booked
impairment charges to lessen the burden of future
restructuring. From midway through 2006, MMC plans to
begin exporting vehicles from North America to the
Middle East and Russia to enhance plant utilization.