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4-Traders Homepage  >  Equities  >  Tokyo  >  Mitsubishi Corp    8058   JP3898400001

MITSUBISHI CORP (8058)
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Mitsubishi : Good reason hybrid?is a top UK seller

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11/10/2017 | 06:43pm CET

Let's imagine car manufacturers could take to sea. For some of them, business is pretty plain sailing, others seem to hit stormy waters on a regular basis.

The Japanese company Mitsubishi has had to navigate some difficult channels in its 40 years of selling vehicles in the UK, although most of the time they could be seen to be riding on the crest of a wave.

They'd built a great reputation for some seriously robust four-wheel-drives like the iconic Shogun and the fearsomely fast Lancer Evolution, which with success in world rallying, subsequently evolved into various versions under the Evo name.

Sadly that is no longer available in the UK and pre-Brexit the company suffered badly from the strength of the pound and the weakness of the yen which at one point meant it was actually losing money on every car it brought to the UK.

Uncertain conditions could be lying over the horizon but for the moment things are looking bright and much of the credit for that goes to the Outlander SUV, and more specifically the hybrid plug-in PHEV version. It's now the best-selling plug-in passenger car in the UK with around 30,000 on our roads.

Both it and its diesel-powered big brother have been revised and updated to make them more economical and cleaner so the time was right to give them both the once-over.

The PHEV was the first car to be engineered from the ground up to incorporate both an internal combustion engine and plug-in hybrid technology. The engineers have perfected that technology to improve its range – it's claimed it can now run for 33 miles on pure electric power (although I got little more than about 25 miles on a full charge) – and it's the only hybrid which can be plugged into a rapid charger. They are becoming more widely available and it takes only 25 minutes to boost the battery back up to 80 per cent capacity.

The claimed official fuel economy is put at 166mpg but the unique element of the PHEV is that it's the only plug-in hybrid with driver-adjustable levels of regenerative braking.

Once you get the hang of it, you can complete a journey without hardly ever having to use the footbrake and at the same time keep the battery power up and extend the range. Not only does that reduce the use of expensive petrol, it also saves on brake wear and servicing costs.

Power comes from a two-litre petrol engine, coupled with two small electric motors, one for each axle. The PHEV is the only four–wheel-drive to have such a set-up and capable of being driven on purely electric power in 4x4 mode.

It's also competitively priced, costing less than the other plug-in SUVs. Instead, the Outlander PHEV offers plug-in hybrid technology for the price of a conventional large family SUV, like the Skoda Kodiaq, Volkswagen Tiguan or Nissan X-Trail.

On the negative side, there's been a cut in the government grant (down from £5000 to £2500) and changes to road tax means that while it was exempt before, it's now liable for £130 a year.

It is roomy and comfortable but not as versatile as the conventional model because accommodating the batteries means there's no seven-seat option.

The new Outlander also has the latest version of Mitsubishi's renowned all-wheel-drive technology, with an on-demand 4WD system which improves stability, traction, fuel economy and emissions, with what's called Yaw Rate Feedback Control, to judge the vehicle's cornering movements accurately for sharper and more responsive steering.

Mitsubishi certainly have the wind in their sails with the Outlander.

Mitsubishi Outlander 5h 2.0 PHEV auto leather

Price: £41,455 incl £2500 gov grant (£41,913 as tested)

Capacity: 1998cc 16-valve inline 4 cyl DOHC MIVEC

Power: 121PS

Torque: 190Nm

0-62mph: 11 seconds

Maximum speed: 106mph

Economy: Combined 166mpg

CO2 emissions: 41g/km

© Copyright 2017 Scottish Provincial Press Ltd., All rights reserved., source Newspapers

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Financials ( JPY)
Sales 2018 7 264 B
EBIT 2018 -
Net income 2018 510 B
Debt 2018 3 680 B
Yield 2018 3,09%
P/E ratio 2018 9,77
P/E ratio 2019 9,75
EV / Sales 2018 1,21x
EV / Sales 2019 1,17x
Capitalization 5 077 B
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 3 320  JPY
Spread / Average Target 4,0%
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Managers
NameTitle
Takehiko Kakiuchi President & Representative Director
Ken Kobayashi Chairman
Mitsuyuki Takada Operations Manager & Executive Officer
Kazuyuki Masu Chief Financial Officer & Representative Director
Hidehiro Konno Independent Outside Director
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