Mitsubishi Motors Corporation (MMC) today announced full-year financial results for Fiscal Year 2017 ended March 31, 2018, and issued its initial forecast for Fiscal Year 2018 ended March 31, 2019. Osamu Masuko, Chief Executive Officer of Mitsubishi Motors, said: "In FY2017, the first year of the mid-term business plan (MTP), we were able to make a good start, achieving the targets which were even revised upward during the fiscal year. I also find it very encouraging that our new products, XPANDER and Eclipse Cross have been launched successfully."

1. FY2017 full-year Financial Results Highlights
Mitsubishi Motors reported net sales up 15% year-on-year to 2.19 trillion yen for Fiscal Year 2017. Operating profit rose sharply to 98.2 billion yen, representing an operating margin of 4.5%, compared with an operating profit of 5.1 billion yen in the same period of Fiscal Year 2016. The company generated net income of 107.6 billion yen for the latest 12-month period, reversing a net loss of 198.5 billion yen in the prior fiscal year.

2. Global sales performance
Global sales volume for Fiscal Year 2017 increased 19% year-on-year to 1,101,000 units.

ASEAN sales increased by 33% to 275,000 units, driven by orders for pick-up trucks in Thailand and the strong performance of the new XPANDER MPV, launched in Indonesia last September.

In China, sales rose 55% year-on-year to 136,000 units due to demand for the localized Outlander.

Sales in Japan increased 23% year-on-year to 98,000 units. The growth was driven by encouraging demand for Kei car models including the "eK Wagon" and "eK Space", as well as for the Delica D:5 and other "Active Gear" series.

The XPANDER is part of a product offensive at Mitsubishi Motors, which also includes the new Eclipse Crosscompact SUV. Initial Sales of the Eclipse Cross, launched last year in Europe, are being followed by sales in other important markets including Oceania, North America and Japan.

3. Fiscal year 2018 forecast
MMC forecast that global sales in Fiscal Year 2018 would increase by 14% year-on-year to 1.25 million units. The Eclipse Cross and XPANDER, which we launched last fiscal year, will contribute to the volume growth in this fiscal year. Regionally, our growth will be driven strongly by ASEAN, and by China in which production capacity will be increased by our local joint venture and the dealer network will be enhanced. The sales recovery in Japan will also support the growth.

MMC's financial forecast for Fiscal Year 2018 is following; Net sales are projected to rise 9% year-on-year to 2.40 trillion yen. Based on the exchange rate assumptions that reflect severer market environment than the last year, MMC expects to achieve operating profit of 110.0 billion yen, representing 4.6% operating margin. Net income is forecast to be 110.0 billion yen.

Osamu Masuko, CEO, said: "To reassure that we are on the right track in continuing reform initiatives to 'rebuild credibility,' FY2018, the second year of the MTP, is a very important year. While making aggressive investments continuously to 'establish a foundation for profitable and sustainable growth,' we will use our best endeavors to 'expand the size' and 'improve COP margin,' all of which are the goals we announced today."

About Mitsubishi Motors North America, Inc.
Mitsubishi Motors North America, Inc., (MMNA) is responsible for all research and development, marketing, and sales for Mitsubishi Motors in the United States. MMNA sells sedans and crossovers/SUVs through a network of approximately 360 dealers. MMNA is leading the way in the development of highly efficient, affordably priced new gasoline-powered automobiles while using its industry-leading knowledge in battery electric vehicles to develop future EV and PHEV models. Mitsubishi has been producing cars for over 100 years. For more information, contact the Mitsubishi Motors News Bureau at (888) 560-6672 or visit media.mitsubishicars.com.

About Mitsubishi Motors Corporation
Mitsubishi Motors Corporation is a global automobile company based in Tokyo, Japan, which has a competitive edge in SUVs and pickup trucks, electric and plug-in hybrid electric vehicles. Since the Mitsubishi group produced its first car more than a century ago, we have demonstrated an ambitious and often disruptive approach, developing new vehicle genres and pioneering cutting-edge technologies. Deeply rooted in Mitsubishi Motors’ DNA, our brand strategy will appeal to ambitious drivers, willing to challenge conventional wisdom and ready to embrace change. Consistent with this mindset, Mitsubishi Motors introduced its new brand strategy in 2017, expressed in its “Drive your Ambition” tagline – a combination of personal drive and forward attitude, and a reflection of the constant dialogue between the brand and its customers. Today Mitsubishi Motors is committed to continuous investment in innovative new technologies, attractive design and product development, bringing exciting and authentic new vehicles to customers around the world.

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