Despite facing significant challenges, including vessel and semiconductor shortages and a decline in total demand, Mitsubishi's first-half fiscal year 2023 results show a 15% year-on-year increase in net sales to JPY1,330.8 billion. The company's operating profit also rose by 23% year-on-year to JPY104.2 billion, as announced by Kentaro Matsuoka, the Executive Vice President and CFO, during an earnings call. However, there was a 9% decline in retail sales volume to 389,000 units due to various factors.
Key takeaways from the call include:
- The company revised its full-year forecast for FY 2023, expecting net sales of JPY2,850 billion, operating profit of JPY200 billion, and net income of JPY140 billion.
- A positive impact of JPY9.2 billion was noted due to foreign exchange rates in the first half of the fiscal year.
- The company plans to introduce new models and continue its net revenue strategy to achieve the revised forecasts.
- The full-year unit sales forecast was lowered due to sluggish demand and logistics bottlenecks.
- The all-new TRITON has been launched in Thailand and will be expanded to other countries. The all-new XFORCE compact SUV debuted in Indonesia and will be rolled out in other regions.
- The team Mitsubishi rally finished 3rd overall in the AXCR Asia Cross Country Rally 2023.
- A structural reform of the China business was announced, with production suspended in China since March.
The company, symbolized by EXCHANGE:TICKER, also announced the debut of their new XFORCE compact SUV at the GAIKINDO Indonesia International Auto Show. The XFORCE will initially be launched in Indonesia and later be available in other ASEAN countries, South Asia, Latin America, the Middle East, and Africa. The XFORCE also won the Gold Award in the VMARK Vietnam Design Award.
Mitsubishi's rally team participated in the AXCR Asia Cross Country Rally in Thailand and Laos using the all-new TRITON. The team finished in 3rd place overall and won the team award. The company also discussed the challenges and transformations in the automotive industry and announced a structural reform of their China business due to market changes and inventory adjustments.
Despite the slowing economic growth and increasing geopolitical risks, the company expressed its commitment to implement initiatives for sustainable growth.
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