Mitsubishi Motors North America (MNMA) tasted only success in the American automotive market ever since its revival in the last decade. Year after year, Mitsubishi is greeted with great news; be it regarding sales figures, customer satisfaction, and fiscal profits. And as of April 2022, Mitsubishi Motors is flying high thanks to its strong first-quarter sales in the US market.
And there is still more news to relish in- all-new Outlander made waves in the market despite negative comments from critics and enthusiasts. Yes. Mitsubishi Outlander outsells all Mitsubishi cars in Q1 2022 and it sets a new record for the nameplate. This rapid momentum has established Mitsubishi as the fastest-growing non-luxury car brand in the industry. Tune into this article as we indulge in more details on Mitsubishi’s success.
Numbers behind the upheaval
Mitsubishi Motors North America carried forward the momentum it had generated in 2021 to start the year 2022 with a bang. 2021 was a very fruitful year for the Japanese automaker, as it ended the year on a high note as the fastest growing non-luxury automotive brand. This success set the stone for a strong first quarter in 2022; the strongest quarter ever in the company’s history. Sales figure amounted to 26,400 units in quarterly sales alone. That is a stunning increase of 44.7% over the same period in 2021.
Leading the sales charts, the brand’s flagship vehicle- Mitsubishi Outlander enjoyed a roaring success, with a daunting total of 13,065 vehicles sold so far. For MNMA, this is a landmark achievement; it is the best-ever retail-only quarter for the Outlander ever since it made its debut in 2002. It represents a 218.2% year-over-year increase compared to Q1 2021. However, it didn’t bask in the glory of success all alone. Even the Eclipse Cross posted record-breaking quarterly sales in Q1 2022 with over 3,992 vehicles sold; a whopping 152.2% year-over-year increase.
As expected, this has outstripped Mitsubishi’s inventory all across the lineup. Demand exceeded supply, as Mitsubishi cars are raking in orders. And MNMA’s automobile inventory is far below ideal levels. And the brand has to up its manufacturing capacity to meet the rising customer demand.
History favors Mitsubishi
The Japanese automaker Mitsubishi has created a name for itself ever since it set foot on North American soil. And in 1981 when turmoil broke out between them and its import partner, Chrysler Corporation, the brand decided to take matters into its own hand. And as a result, Directors in Japan decided to create their own marketing network in North America. By the 1990s, Mitsubishi had already set a new landmark- the fastest growing auto brand in the US. Records after records were broken between 1999 and 2002, Mitsubishi’s most glamorous period where automotive sales were up 81 percent.
A rough patch followed shortly, where sales plummeted between 2003 and the 2010s. New nameplates like the Outlander and Eclipse received much less fan following, and sales were modest. Mitsubishi’s 0-0-0 finance offer was the key factor for its success in the early 2000s and also the major reason for its pitfall later. Several credit-risky buyers ended up defaulting at the end of the year’s “grace period”, leaving Mitsubishi with numerous used vehicles for which they received no money.
However, after enduring hardships over the next decade, a turnaround was imminent. And in 2015, Mitsubishi reported a 22-month streak sales increase (by 23% approx). This momentum followed into the year 2016 as well.
Other Key Achievements
- MMNA reported a strong fiscal year for 2021, followed by a strong quarter in 2022. Sales were estimated at 100,206 units, representing an increase of 25.17%
- Considering the all-new 2022 Outlander in the picture, the SUV kept adding to its records and trophy cabinet. It grabbed two more awards during the quarter, including the “Crossover Utility of the Year” by the Hispanic Motor Press and “Latin Flavor SUV of the Year” by Puros Autos. And to mention that its predecessors grabbed the “Wards 10 Best Interiors winner” and the “Vehicle of the Year” award by Victory & Reseda.
- 2021 Mitsubishi Outlander also received IIHS Top Safety Pick+ title, a rigorous safety recognition awarded by the Insurance Institute for Highway Safety (IIHS).
- Riding on the roaring success of the all-new Outlander, Mitsubishi has plans set to launch an all-new plug-in hybrid (PHEV) variant. This variant will arrive in the American market by the second half of 2022. With the new PHEV, Mitsubishi aims to achieve its goal to reduce carbon emissions by 40 percent by 2030 and achieve a net-zero carbon footprint by 2050.
- MMNA also announced Mark Chaffin as the CEO who took charge on April 1, 2022.
- Mitsubishi also joined hands with Santander Consumer USA, Inc, its new finance partner. With this partnership, Mitsubishi aims to streamline its buying experience.
- In the 2022 JD Power 2022 CSI, Mitsubishi and its dealer partners gained 10 points compared to the previous year. And the brand ranked 4th among 19 non-luxury brands in the JD Power rankings.
Riding on its newfound success, Mitsubishi Motors North America keeps on breaking records. And, the Japanese automaker aims to end the year 2022 on a high note, with a better fiscal year. Also, its shares surged worldwide thanks to its strong first-quarter results.