2005 Mitsubishi Galant on 2040-cars

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Mitsubishi boss confirms new Mirage for US; i EV enduring dismal sales

By March, Mitsubishi expects to have sold just 55,000 cars in the US this fiscal year. That's a tiny sum - by comparison, Honda has sold over 276,000 Civic models thus far this year - and that's just one vehicle, not an entire brand. Mitsubishi president Osamu Masuko recognizes this is not a tenable position, and he's hoping the company will shift 80,000 units next fiscal year. Warding off speculation, Masuko has repeatedly stated that his company will not retreat from the US market like competitor Suzuki.
We reported on one part of Masuko's plan, the updated Outlander, and now he has confirmed that the small Mirage will be sold in the US beginning next September. The cut-price hatchback is selling well enough that Mitsu's Thailand plant is at its full capacity of 150,000 cars. "And even at that level it's not keeping up with orders," Masuko tells Automotive News. Masuko went on to say the plant would be expanded next year to handle an extra 50,000 units. We can also expect the Outlander plug-in early 2014.

2014 Pikes Peak Hill Climb: Practice Day 3

Greg Tracy's MiEV Evolution III topped the time sheets almost 14 seconds ahead of third-place Monster Tajima.
On Thursday, qualifying times for six categories were set on the bottom-section switchbacks of Pikes Peak: Electric Modified - near-unlimited showcases of electric-vehicle engineering; Electric Production - electric vehicles "readily available to the public;" Open Wheel - single engine, open wheeled, open cockpit, single seat vehicles; Open - based upon a production or approved-aftermarket-replica vehicle; Exhibition - a prototype or pre-production vehicle limited to one year of eligibility in this class; and Vintage - vehicles and drivelines from 1990 or earlier.

Subprime financing on the rise in new car sales, leasing too

We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of "nonprime, subprime, and deep subprime," loans has grown 13.6 percent compared to the third quarter a year ago.
According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963.
At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota, with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1.