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CBCThu Feb 22, 11:44 am
Mitsubishi Reductions
Mitsubishi is poised to slash eight thousand jobs and drastically cut the number of models in its lineup. The "Wall Street Journal" reports Mitsubishi is expected to announce the restructuring plan Monday. The company was already in a restructuring effort early last year. The new accelerated effort is due largely to pressure from executives at DaimlerChryler. People familiar with the plan said Mitsubishi will cut its current lineup of some two dozen passenger vehicles by about half. The automaker also experienced a drop in sales after admitting to covering up vehicle defects last summer. The company is also expected to announce the closing of its 81-year-old factory in Japan. Just last week, the automaker suffered another setback after it announced a major recall that affects almost a Million vehicles in the U.S. A Mitsubishi official in Tokyo declined to comment.
-- Rachel Gibson (rgibson@hotmail.com), February 22, 2001