The following is a summary of the Mitsubishi Motors Corporation (MMTOF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Mitsubishi Motors has reported year on year increase in net sales by 13% at JPY2.789 trillion in FY 2023.

• Operating profit was recorded at JPY190.1 billion with an operating margin of 6.8%.

• Despite a stagnant car market, the company managed to sell 815,000 units in retail sales.

• For FY 2024, Mitsubishi Motors expects to achieve net sales of JPY2.88 trillion, along with operating and ordinary profits of JPY190 billion each and a net income of JPY144 billion.

Business Progress:

• Despite a challenging FY 2023 due to semiconductor shortages and lowered demand, Mitsubishi anticipates an expansion in FY 2024 with the impact of new models like Triton and Xforce.

• Improved sales volume and profits are expected from the steady economies of the US and Japan.

• Mitsubishi is projecting global retail sales of 895,000 units in FY 2024 by introducing new models progressively.

• The company is not only focusing on sales of hybrid electric vehicles but also preparing for transition to battery electric vehicles in the future.

• A joint venture has been announced with Security Bank Corporation in the Philippines to provide financing services for customers. Potential collaborations with Nissan Motor Corporation and Renault are also being explored for next-generation pickup truck and battery-sharing strategies.

More details: MITSUBISHI MOTOR CORP IR

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