Japan – Mitsubishi Motors to Showcase a Fulfilling Mobility Lifestyle that Awakens Drivers’ Adventurous Spirit at the Japan Mobility Show 2023

Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) will exhibit at the Japan Mobility Show 2023* to be held at Tokyo Big Sight. With the booth theme of “Awaken the adventurous spirit within you. Adventures for all – anytime and anywhere,” the company is set to present a unique, fulfilling mobility lifestyle that excites drivers’ spirit of adventure.

Utilizing its proprietary electrification, all-wheel control, durability and reliability, and comfortability technologies, Mitsubishi Motors provides vehicles that are environmentally-friendly and offer safe, comfortable ride with peace of mind in any weather or road conditions. As a reliable partner that caters to the varied needs of all kinds of drivers, Mitsubishi Motors supports mobility lifestyles of customers by offering cars that make their every day exciting and enjoyable, motivate them to go one step further than usual, encourage them to try new things, and ensure a safe return home from just about every adventure.

To date, Mitsubishi Motors has proposed numerous ways for enjoying time outdoors with family and friends. They are embodied in the Pajero, an all-round SUV which balances the road handling of an authentic SUV with the comfort of a passenger vehicle; the Delica D:5, an all-round minivan which combines a comfortable interior with a powerful drive; and the Outlander PHEV, an electrified SUV which delivers environmental performance and road performance at a high level as well as offering new value as a storage battery.

With such ambition, Mitsubishi Motors heads to the Japan Mobility Show to showcase a unique, fulfilling mobility lifestyle that awakens drivers’ adventurous spirit. More information on Mitsubishi Motors’ exhibits at the Japan Mobility Show 2023 will be available at the company’s special website: https://www.mitsubishi-motors.com/en/innovation/motorshow/jms2023/ 

*The Japan Mobility Show 2023 is organized by the Japan Automobile Manufacturers Association, Inc. October 25 and 26 are press days, October 27 is a special invitation day, and October 28 to November 5 are general public days. Tokyo Big Sight is the main venue.

About Mitsubishi Motors

Mitsubishi Motors Corporation (TSE:7211) —a member of the Alliance with Renault and Nissan—, is a global automobile company based in Tokyo, Japan, which has about 30,000 employees and a global footprint with production facilities around the world. Mitsubishi Motors has a competitive edge in SUVs, pickup trucks and plug-in hybrid electric vehicles, and appeals to ambitious drivers willing to challenge convention and embrace innovation. Since the production of our first vehicle more than a century ago, Mitsubishi Motors has been a leader in electrification—launched the i-MiEV –the world’s first mass-produced electric vehicle in 2009, followed by the Outlander PHEV –the world’s first plug-in hybrid electric SUV in 2013.For more information on Mitsubishi Motors, please visit the company’s website at https://www.mitsubishi-motors.com/en/

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Japan – Mitsubishi Corporation: Participation of Sempra Infrastructure to the Detailed Study regarding the Introduction of e-methane to Japan Utilizing Cameron LNG Terminal

A consortium comprised of Tokyo Gas Company, Ltd., Osaka Gas Company, Ltd., Toho Gas Company., Ltd. and Mitsubishi Corporation today announced an agreement with Sempra Infrastructure, a subsidiary of Sempra, that it participates in the evaluation of a proposed project to produce e-methane, a form of carbon recycling, in the U.S. Gulf Coast.

The consortium is comprised of three of the leading gas utilities in Japan and Mitsubishi Corporation which have been conducting preliminary feasibility work on the project since 2022. With the addition of Sempra Infrastructure, the companies seek to advance the energy transition through the global market of liquified e-methane.

“Sempra Infrastructure is excited to bring its essential infrastructure development experience to this collaboration with Tokyo Gas, Osaka Gas, Toho Gas and Mitsubishi Corporation. The project would allow existing natural gas infrastructure, including the global liquefied natural gas supply chain and the gas distribution systems in nations across the world, to be used as the backbone for the delivery of a long-term, carbon-neutral fuel,” said Justin Bird, CEO of Sempra Infrastructure. “Sempra Infrastructure has strong strategic alignment with the goals of the consortium and is well-positioned to support this innovative opportunity by building on what we do well: developing energy infrastructure that provides access to safe, secure, affordable and lower-carbon intense energy for our global partners.”

“Tokyo Gas, Osaka Gas, Toho Gas and Mitsubishi Corporation intends to realize the world’s first large-scale production and international supply chain of e-methane and have been progressing feasibility work. The U.S. Gulf Coast is an ideal location for this type of facility and we are pleased to partner with Sempra Infrastructure, a company with a reliable and qualified track-record of developing energy infrastructure in this region. We look forward to the development of this project as a truly global consortium,” said Kentaro Kimoto, Representative Corporate Executive Officer, Vice President of Tokyo Gas, Keiji Takemori, Senior Executive Officer of Osaka Gas, Takeo Haigo, Managing Executive Officer of Toho Gas, and Masaru Saito, Executive Vice President of Mitsubishi Corporation.

The proposed project is anticipated to produce 130,000 tonnes of e-methane per year that would be liquified to become liquified e-methane at the Cameron LNG terminal in Southwest Louisiana and exported to Japan. The proposed project is anticipated to include the production or procurement of clean hydrogen, as well as the construction of facilities to produce the e-methane.

The U.S. Department of Energy and Japan’s Ministry of Economy, Trade and Industry are currently implementing a Memorandum of Cooperation in the field of carbon capture, utilization and storage, conversion and recycling, and CO2 removal. This proposed project would meet many of the objectives in the memorandum, and could complement it, should the policy frameworks recognize e-methane as a carbon-neutral fuel.

Inquiry Recipient:
Mitsubishi Corporation

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Japan – Mitsubishi Heavy Industries and Nippon Shokubai Conclude Agreement on Joint Development of an Ammonia Cracking System

Mitsubishi Heavy Industries, Ltd. (MHI) and NIPPON SHOKUBAI CO., LTD. (Nippon Shokubai) have reached an agreement on joint development of an ammonia cracking system, expecting establishment of a hydrogen and ammonia supply chain that enables high-volume transport.

Ammonia is garnering attention today as a hydrogen carrier that enables safe transport and storage of hydrogen, a fuel that emits no CO2 when combusted, in large volumes over great distances. Plans to establish supply chains are underway worldwide, notably in Europe, while in Japan a “Fuel Ammonia Supply Chain Establishment” project is in progress. This market is expected to grow in the years ahead.

Ammonia “cracking” is a technology indispensable for extracting ammonia’s hydrogen component, and therefore it plays an important role in building supply chains. In the newly agreed project to jointly develop an optimal ammonia cracking system using an ammonia cracking catalyst, MHI will contribute significant global expertise delivering ammonia and other chemical plants, and its technologies in handling ammonia and hydrogen. Nippon Shokubai has developed and successfully implemented numerous catalysts, such as process catalysts for acrylic acid and others, as well as environmental purification catalysts, including automotive catalysts and exhaust gas catalysts. Nippon Shokubai will leverage the achievements and insights gained from such catalytic technologies in the development of the ammonia cracking catalyst. The hydrogen extracted from the new cracking system can be utilized as a clean fuel and raw material. MHI and Nippon Shokubai are committed to driving the development forward, aiming to achieve for early commercialization.

Ammonia Cracking System

MHI Group today is pursuing a growth strategy in the area of Energy Transition, aiming for decarbonization on the energy supply side to support the Company’s goal of achieving Carbon Neutrality by 2040. Through the development and commercialization of an ammonia cracking system that will contribute to building a hydrogen and ammonia supply chain, the Company will strive for early establishment and execution of decarbonization technologies, as a way of contributing to the realization of a sustainable Carbon-Neutral world.

Nippon Shokubai is actively pursuing the “Strategic Transformation for Environmental Initiatives” outlined in the Group’s long-term vision “TechnoAmenity for the future” by 2030. The Company’s focus lies in advancing the prevalence of ammonia and hydrogen, alongside the promotion of the development and implementation of ammonia cracking catalysts. Nippon Shokubai will continue to provide materials and solutions required by people and society, while also contributing to a sustainable world.

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Japan – Mitsubishi Motors Premieres the All-New Xforce in Indonesia

Mitsubishi Motors Corporation (hereafter, Mitsubishi Motors) debuted its all-new Xforce compact SUV at the 30th GAIKINDO Indonesia International Auto Show(1). The all-new model will be built at Mitsubishi Motors Krama Yudha Indonesia (Bekasi, West Java)(2) and will be first rolled out in Indonesia, with launches planned for other ASEAN countries such as Vietnam and the Philippines, as well as South Asia, Latin America, the Middle East and Africa.

World premiere of the all-new Xforce:

Special website for the all-new Xforce:

The all-new Xforce is a five-passenger compact SUV that was developed with a focus on the way compact SUVs are used in the ASEAN region. Based on the concept “Best-suited buddy for an exciting life,” the all-new model uplifts the owner’s everyday life with its stylish yet robust, authentic SUV styling as well as comfort and practicality including a spacious cabin and versatile storage spaces well-balanced in a maneuverable, compact body size, and road handling that allows safe, secure ride in a variety of weather or road conditions.

“While ensuring the all-new Xforce meets the requirements for driving performance, ease of handling, a comfortable interior, wide-ranging user-friendliness, and everything else demanded of a compact SUV, we have put our heart and soul into the development to bring excitement to the everyday driving of our customers,” said Takao Kato, president and chief executive officer, Mitsubishi Motors. “This compact SUV was developed to answer the needs of drivers in the ASEAN region and has gone through repeated tuning in the region’s road environment. We hope the all-new Xforce will become a best-suited buddy for any adventure that drivers wish to embark on, giving them an extra force to go one step further and experience something new.”

(1) August 10 is press day, and the show is open to the public from August 11 to 20.
(2) Share owned: Mitsubishi Motors 51.0%, Mitsubishi Corporation 40.0%, Krama Yudha 9.0%

For more information, visit www.mitsubishi-motors.com/en/newsrelease/2023/detail1443.html.

Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Mitsubishi Heavy Industries Achieves Significant YoY Increases in Order Intake and Profit in Strong First Quarter

Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 75.1% year-over-year to YEN1,606.8 billion in the quarter ended June 30, 2023. Revenue rose 12.9% to YEN983.9 billion year-over-year, resulting in profit from business activities (business profit) of YEN51.9 billion, a 248.1% increase from the previous fiscal year, which represents a profit margin of 5.3%. Profit attributable to owners of parent (net income) was YEN53.1 billion, an increase of 177.1% year-over-year, with a profit margin of 5.4%. EBITDA was YEN85.1 billion, an 80.3% increase from Q1 FY2022, with an EBITDA margin of 8.7%, up 3.3 percentage points year-over-year.
Large orders growth in Energy Systems was driven by Gas Turbine Combined Cycle (GTCC), which continues to see strong demand for both new builds and after-sales services. Business profit in the segment increased by YEN27.0 billion YoY due to a reduction in one-time charges in the Thermal Power businesses as well as revenue growth and improved project margins in GTCC.

In Plants & Infrastructure Systems, revenue increased by YEN33.8 billion YoY due to contributions from Metals Machinery and Engineering, while business profit improved by YEN5.0 billion resulting from increased revenue in Metals Machinery as well as positive developments in Engineering and Machinery Systems’ project mix.

In Logistics, Thermal & Drive Systems, successful passthrough of cost inflation to sales prices mainly in Logistics Systems and Heating, Ventilation & Air Conditioning (HVAC) led to 14.3% and 16.6% YoY increases in order intake and revenue, respectively. Cost passthroughs in these businesses also helped to raise the segment’s business profit by YEN15.3 billion YoY.

Most notable this quarter is the striking growth in Aircraft, Defense & Space order intake, specifically in Defense & Space, which saw orders rise by YEN584.1 billion YoY. This is due to large orders for missile defense systems from Japan’s Ministry of Defense as the country seeks to improve its capabilities in this area.

CFO Message:
“MHI had a strong first quarter this fiscal year, achieving large year-over-year increases especially in order intake and profit,” Hisato Kozawa, MHI Chief Financial Officer commented.

Kozawa continued, “We are leveraging key market positions and robust capabilities in many important product areas to grow our order book, and we are particularly pleased with our gains in GTCC and Defense & Space. In parallel, we are improving revenue mix and executing on cost passthroughs among other profitability improvement initiatives. During the first quarter, the yen traded more weakly against foreign currencies than initially forecast, which in some cases gave a boost to our earnings. However, depreciation of the yen has proved to be a double-edged sword, leading to increased energy and other costs within Japan. As such, we will continue to monitor global market conditions closely. Finally, we have maintained our initial guidance for the full fiscal year, and we are confident in our ability to deliver on these commitments over the coming quarters.”

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.

Note regarding forward looking statements:
Forecasts regarding future performance as outlined in these materials are based on judgments made in accordance with information available at the time they were prepared. As such, these projections include risk and uncertainty. Investors are recommended not to depend solely on these projections when making investment decisions. Actual results may vary significantly due to a number of factors, including, but not limited to, economic trends affecting the Company’s operating environment, fluctuations in the value of the yen to the U.S. dollar and other foreign currencies, and Japanese stock market trends. The results projected here should not be construed in any way as a guarantee by the Company.

Topic: Press release summary