Mitsubishi suspends distribution of new models in Europe

Mitsubishi Motors decided to halt deliveries of new models in the European market.  

Report informs citing Kyodo that the company sustained a loss of about 176 billion yen ($ 1.6 billion)  in the first quarter of the fiscal year 2020 (April 1-June 30), mainly due to the coronavirus pandemic.

The company also forecasts a total of 140 billion yen ($ 1.3 billion) in operating losses during the current fiscal year (ending March 31, 2021), and a net loss of 360 billion yen ($ 3.4 billion) for shareholders. 

At the same time, demand in the car market will gradually recover in the second half of the current fiscal year.