Mitsubishi Motors hits all-time low as ASEAN sales dive raise recovery doubts
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Dhaka, July 28 -- Japan's Mitsubishi Motors faced doubts about a quick recovery after posting dismal quarterly sales in its key Southeast Asia market partly due to the coronavirus outbreak, sending its shares down 12 per cent to a record low on Tuesday.
A day earlier, Mitsubishi Motors, a junior member of the auto alliance of Nissan Motor and Renault SA, reported that sales in Southeast Asian countries, which normally account for a quarter of its global sales, plunged nearly 70 per cent to make up just 17 per cent of total sales during April-June.
The automaker has bet on growth in Indonesia, Philippines, Thailand and Vietnam where it has dominated bigger rivals, and which have felt the brunt of the coronavirus pandemic later than China...
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