With its no-money down deals, 0 percent financing over 5 years and 12-month deferred payment plans, Mitsubishi's credit division lost USD$300 million in the second quarter of 2003.
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| The new totally redesigned Galant will help beef up Mitsubishi's arsenal and hopefully bottom line. (Photo: Mitsubishi) |
O'Neill's history at Hyundai, projects an entirely different approach for Mitsubishi in coming years, with more conservative total numbers and higher individual profitability being the keys to success.
What won't hurt O'Neill's chances of looking good is an arsenal of new products coming down the pike for 2004. Of highest significance is the totally redesigned Galant, easily competitive with rival Japanese, Korean and domestic brands for styling, size, features and drivability.
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| The Ralliart and Sportback, the latter of which can also be ordered with the Ralliart upgrades, are two versions of the revised Lancer that join the Mitsubishi fray this year. (Photo: Trevor Hofmann, Canadian Auto Press) |
The entry-level Lancer and Lancer Sportback, in either base or sporty Ralliart trim levels, boast a completely redesigned front fascia, increased power, plus improved fuel economy and emissions - a good bang for the buck combination. The Lancer should prove much more popular than the 2003 model it replaces.
Adding fuel to the fire is a more powerful Outlander compact SUV, an all-new Endeavor midsize SUV, and coming soon, a completely redesigned Diamante entry-luxury sedan plus a new Eclipse coupe and convertible - or Spyder as Mitsubishi likes to call it.
The Mitsubishi model lineup is deeper than what O'Neill had to work with at Hyundai, while 70 percent of its dealer body sells Mitsubishi exclusively. The new CEO commented, "That's not a luxury I had at Hyundai."