DaimlerChrysler Team Heads to Mitsubishi
Dismal revised forecasts have prompted an intervention at the Tokyo-based automaker.
TOKYO -- DaimlerChrysler AG, which has a 37% stake in Mitsubishi Motors Co., has assembled a team headed by Andreas Renschler to create a midterm business plan for the Japanese automaker.
The announcement followed a revised forecast for Mitsubishi, predicting losses of $665 million for the fiscal year ending March 31. Sales estimates also suffered, dropping by $12 billion from November’s calculations.
Poor credit among car buyers in the North American market was cited as a major cause of the company’s financial difficulties.
Mitsubishi CEO Rolf Eckrodt may step down in response to the new, negative forecast, and Renschler, currently president of DaimlerChrysler’s Smart Car unit, is rumored to be a possible successor.
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