Mitsubishi Oz on the skids

Mitsubishi is facing an uphill battle in Australia and is facing the shutdown of its local production for good. Falling demand for large cars, a lack of a suitable export program and an uninspiring lineup have left Mitsubishi on the brink of extinction Down Under. The situation is so bad that auditors have described the situation as containing "significant uncertainty" after finding a net current asset deficiency of AUD$168 million in the financials for the small Aussie outcrop.

Mitsubishi only manufactures one model in Australia, the 380 sedan, which is basically a rebadged version of the American Galant. Most businesses with liabilities exceeding their assets would have to call it a day, sell whatever remaining assets are available, and pay off its creditors. However, Mitsubishi's Australian chief executive Robert McEniry has a confident outlook on the situation and has indicated that Mitsubishi will continue producing cars locally.

Source Autoblog

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