![Under pressure in ASEAN, Mitsubishi Motors looks to USA - Outlander PHEV to compensate for Triton 01]()
Toyota, Honda, and Mazda have had a good year. All three closed their financial years ending March 2024 (FY2024) with record high profits. Mitsubishi Motors, however, didn’t have a very good year. With a limited product line-up and over-reliance on 4x4 vehicles, it was very vulnerable to changes in market conditions.
Mitsubishi Motors’ documents call its recently closed financial year as FY2023, but keep things consistent with other Japanese manufacturers, we will call it FY2024.
Total sales for the financial period from April 2023 to March 2024 (FY2024), totaled 815,000 units, down 2%.
Profit increased by just 0.3%, but profit margin went down from 7.7% to 6.8%.
![Under pressure in ASEAN, Mitsubishi Motors looks to USA - Outlander PHEV to compensate for Triton 01]()
The biggest decline in sales came from China (down 52%, to just 23,000 units), followed by markets in Southeast Asia’s ASEAN trade bloc (down 9%, to 239,000 units).
Sales in Thailand declined 36% to 28,000 units. Sales in Indonesia were down 27% to 75,000 units. The Philippines however, was a bright spot. Sales were up 33% to 84,000 units. Note that these figures are for the financial calendar period of March 2023 to April 2024, so the figures will differ from January – December calendar year figures.
The combined Latin America, Middle East and Africa region was also down 9%, to 136,000 units. The ANZ region (Australia and New Zealand), another important pick-up truck market, was down 5% to 84,000 units.
![Under pressure in ASEAN, Mitsubishi Motors looks to USA - Outlander PHEV to compensate for Triton 02]()
The transition of the Triton's range to a new generation model – the company’s most important model, was probably a factor but CEO Takao Kato said high interest rates in Southeast Asia and appreciation of the Baht currency in Thailand, where Mitsubishi makes most of its cars, were bigger factors.
On the bright side, sales in North America were up 23% to reach 163,000 units, supported by strong demand for the Mitsubishi Outlander plug-in hybrid.
The figure also means that North America has overtaken the combined Latin America, Middle East and Africa region as Mitsubishi Motors’ second most important market after Southeast Asia, which contributed 239,000 units or 29% of the company’s global sales.
