Sales revenues for the period April to September 2003 improved to ¥432 billion (€3.24 billion), compared to ¥343 billion (€3.03 billion), for the same period last year, an increase of 26%. With an operating profit of ¥13.5 billion (€101 million), the company well exceeded its forecast and achieved a profit level at the mid-year stage that was initially expected for the full year. This compares to an operating profit of ¥2 billion (€18 million) for the first half 2002.

“We are pleased to report that Mitsubishi Fuso performed significantly better than our estimates”, Wilfried Porth, President and CEO of Mitsubishi Fuso, said. “Profits derived from increased volumes will be further reinvested into research and development of environmental and safety related technologies. ”

In the months up to September, Mitsubishi Fuso sold 93,000 trucks and busses, an improvement of 22% over the unit sales of first half 2002. Sales in Japan were up by 50% to 45,000 units, boosted by the NOx effect. In international markets, 48,000 Fuso vehicles were sold, slightly up from last year’s sales of 46,000. Mitsubishi Fuso’s strong ties to the Mitsubishi Group in Japan and in international markets have facilitated growth and acquisition of market shares, especially in Asia, middle East and Africa.

In light of this favorable environment, Mitsubishi Fuso is confident to exceed its earlier forecast (160,000 units) and expects to sell well in excess of 165,000 units for full year (Fiscal year 2002: 155,000 units). Porth: “In addition to the exceptional demand, we are benefiting from our attractive product portfolio. We are currently working beyond normal capacity limits and are addressing this exceptional demand with flexible measures.”

Commenting on the financial outlook for the second half of fiscal year 2003, the company’s Chief Financial Officer Michio Hori, said: “We have started the second half with an ongoing positive momentum which gives us confidence that the positive trend in sales and profits will continue for the remainder of fiscal 2003 resulting in full-year operating profits in excess of ¥30 billion (€231 million).

The company also raised the outlook for the total Japanese market in fiscal 2003 and expects now a total volume of more than 270,000 trucks and busses, compared to its earlier forecast of 261,000 units (2002: 211,000).

Successful first steps on road for ¿New Fusoî

Mitsubishi Fuso, split off from Mitsubishi Motors at the beginning this year as an independent company, made progress with its new strategic initiatives announced in June of this year. These measures are designed to streamline cost structure, increase Fuso’s international sales and benefit from the alliance Mitsubishi Fuso started with DaimlerChrysler, the world’s largest commercial vehicle manufacturer.

The strategic cooperation initiated earlier this year with DaimlerChrysler, has shown early results: Mitsubishi Fuso participates in the development of a global engine platform for a heavy-duty engine. Also, both companies decided to adapt a medium-duty engine for Fuso trucks, based on a Mercedes-Benz platform. Further projects include commonization of components and joint procurement processes. To increase international sales, Fuso Canter trucks will in future be supported by existing DaimlerChrysler distribution networks in major markets.

“Since the kick-off of these initiatives earlier this year, good progress has been achieved in a short period,” said Mitsubishi Fuso Chairman Takashi Usami. “We are also on track with our goal to cut material costs by 20% by 2005, streamline our cost structure and give the organization a more international approach.”

Mitsubishi Fuso is also implementing a major investment initiative that targets its main production and distribution facilities in Japan. The main objectives are the modernization of production processes and the investment in new technology in order to secure its leading position in Japan and other Asian markets. Overall, Mitsubishi Fuso plans to boost investments in people, processes, products and facilities to ¥200 billion (€1,5 billion) between 2003 and 2005, an increase of 50% compared to the past three years.

Local Contact

Kyoichi Shimada
Mitsubishi Fuso Communication Team
Tel: +81 3 6719 4553
Email: kyoichi.shimada@mitsubishi-fuso.com

International Contact

Gerry Elias
CNC - Communications & Network Consulting
Tel: +81 90 5426 6354 (Tokyo)
Tel: +44 7879 666 166
Email: gerry.elias@cnc-ag.com

Note to Editor

About Mitsubishi Fuso

Mitsubishi Fuso is Asia’s premier commercial vehicle company, with leading market positions in Japan, Indonesia, Taiwan and other Asian markets. Built on over 70 years of rich heritage and a track record of superior customer focus, the company employs 16,000 people and reported sales revenues of € 6billion in fiscal year 2002 (to end March 2003). Mitsubishi Fuso, headquartered in Tokyo, is committed to expand its leadership with the benefit of the company’s alliance with DaimlerChrysler that was established in 2003. Mitsubishi Fuso’s main shareholders are Mitsubishi Motors Corporation (42%), various Mitsubishi companies (15%) and DaimlerChrysler (43%).