As Sales Rebound, Key Mitsubishi US Execs Depart
Hear about two high-ranking Mitsubishi execs leaving their positions simultaneously, and you might be forgiven for thinking “rats leaving the sinking ship.” After all, Mitsubishihas been in deep decline for the better part of a decade, as sales have fallen from a peak of over 345,000 units in 2002. But in actuality, Mitsubishi is having something of a turnaround year. Sales are up 51% year-over-year, and volume crossed the 70k mark in October, guaranteeing the brand its best year of sales since 2008. So, why did VP of marketing and product strategy Gregory Adams, and vice president of corporate planning and incentives Mike Krebs leave Mitsu “to pursue other opportunities”? Automotive News [sub] offers few answers beyond pointing out that Krebs is a ten-year veteran of Mitsubishi Motors America, while Adams joined in 2010. Why the two decided to jump ship (or were forced out) at the same time remains a mystery for now…
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Mitsubishihas
Nearly all mfrs have enjoyed an increase since 2009, so Mitsubishi's rise is due to the tide, most likely, although in greater proportion than other mfrs. Perhaps Mitsubishi's increases are due to heavy discounting, or slurping up a few ex-Pontiac or ex-Saab customers. If they are buying sales via discounting, those execs may have bailed because the bottom line looks miserable, and there is no good product roadmap or hopes for growth in the next few years. Even the Titanic rose up one last time before it sank.
That small uptick in the graph looks like a dead cat bounce to me. It is very hard to see how Mitsubishi can once again get major customer mind share in the US. Once upon a time, customers sort of lumped all the Japanese brands together and often considered them interchangeable. Now, the buyers are more sophisticated, and there remain far too many brands on the market for all of them to make a profit.