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% to a record low on Tuesday.
), reported that sales in Southeast Asian countries, which normally account for a quarter of its global sales, plunged nearly 70% to make up just 17% of total sales during April-June.
As a result, some experts say that Mitsubishi’s sales recovery may lag other automakers and complicate a restructuring plan that it detailed on Monday. Mitsubishi Motors’ results were “shocking”, said analyst Mio Kato of LightStream Research, noting that Southeast Asia was particularly concerning. Some analysts were sanguine about the company’s longer term outlook and backed its recovery strategy.
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