Mitsubishi Motors cuts profit forecast as sales in key market slump

Mitsubishi Motors announced that it will slash its net profit forecast for this fiscal year by 76% to 35 billion yen, far lower than the previous 144 billion yen. The reasons include weak wholesale sales, rising supplier costs and increased marketing expenses in North America. The company also lowered its global sales target, expecting to sell 848,000 vehicles, lower than the previous 895,000 vehicles.