Tuesday, January 20, 2009

Mitsubishi too closing factory for 3 weeks ..


Recession and slump n demand in US and European markets does not spare even the fuel efficient Japanese car makers !!

Mitsubishi Motors, the third largest automaker in Japan is closing its Mizushima plant for three weeks. Rising inventory of unsold vehicles die to a slump in demand in western markets is said to be responsible for the low offtake of vehicles. Profits are likely to slump by 42 % to 20 billion Yuan ( $220 million) this year.

Toyota has earlier predicted a 22 %  reduction in production (loss of 150 billion yuan), while Honda the no 2 automobile maker had reported reduction of production by 9 %. 

Suzuki in India had not so  far reported any cut in production. But Ford, Tata Motors, Hyundai are passing through difficult times and are reportedly going slow on production plans until the inventory moves out from the factory and the dealers. Some of them are offering price cuts of about Rs. 30,000/-

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