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Mitsubishi previews diesel hybrid pickup concept, next-gen EV for Geneva

Mitsubishi has a long history of tidy little pickup trucks, and the Japanese automaker is apparently looking to extend that heritage in a bolder, bigger way with the Concept GR-HEV, a "sport utility hybrid truck."
The future-think show star, slated to be unveiled at next month's Geneva Motor Show, is actually tipped to be a much larger effort - Mitsubishi says it's applying its hybrid technology to a one-ton truck for the first time. The GR-HEV is powered by a complex powertrain composed of a diesel engine and electric motors, which the company believes is better suited to the sort of heavy-duty work required in the segment. The concept also employs full-time four-wheel drive and a development of Mitsubishi's Super All-Wheel Control system (which governs things like stability and brake force control along with an active center differential) as seen on the production Lancer Evolution.
In related news, Mitsubishi has also confirmed that it will show a next-generation electric showcar at Geneva dubbed Concept CA-MiEV. With this new concept (inset photo), the company says it is looking to build on the learnings of its i citycar and take EVs out of their limited urban roles. To that end, the CA-MiEV boasts "next generation EV systems and high density batteries" that give it a range of 186 miles.

1,400 Mitsubishi vehicles lost in shipping tragedy

A cargo ship carrying 1,400 Mitsubishi vehicles from Japan and Thailand collided with another vessel off the coast of Belgium and the Netherlands yesterday. The 485-foot Baltic Ace was carrying cars from Zeebrugge, Belgium to Kotka, Finland when it collided with the 439-foot Corvus J. While the Corvus J sustained damage during the incident, it is not in danger of sinking, and its 12-man crew is currently still on board.
The Baltic Ace, meanwhile, went under. Three ships from the Royal Dutch Sea Rescue Organization, two navy vessels, four helicopters and one coastguard aircraft spent the evening searching for survivors, but rough seas and high winds hampered the effort. Eighteen of the Baltic Ace's crew, including the captain, were rescued after being found in life rafts, but six remain missing. The search for survivors has officially been called off.
The collision occurred in one of the busiest shipping lanes in the North Sea, and the managers behind the Baltic Ace said they believed human error was to blame for the incident. Dutch police are currently looking into whether or not they can investigate the sinking despite the fact that the collision took place outside of the country's territorial waters.

Mitsubishi pondering $2B share sale?

Mitsubishi makes the brilliantly fast, wonderfully fun Lancer Evolution. Outside of that road-going rally car, the rest of the range is pretty poor - the new Outlander isn't bad, but the subcompact Mirage looks like might've been competitive five years ago, while the Galant and Lancer have suffered from serial neglect.
This hasn't just lead to rumors of Mitsu's death in America; the subsidiary of the massive Mitsubishi Group has been in trouble at home, too. It was bailed out by three other Mitsubishi Group companies - Mitsubishi UFJ Financial, Mitsubishi Heavy Industries and Mitsubishi Corporation - between 2004 and 2005, according to Bloomberg. Now, it's attempting to extricate itself from "emergency mode," as analyst Koichi Sugimoto told the financial site, adding that "they're still in the very early stages of recovery."
As part of the bailout, Mitsubishi issued its three saviors billions of dollars of preferred shares, which don't have voting rights. The problem is, Mitsubishi hasn't issued dividend payments since 1998, and these stocks aren't exactly competing with Apple or Google, in terms of value. In other words, they're mostly worthless. With a public offering, Mitsubishi is expecting to raise 200 billion yen, or about $2 billion, in order to reduce the number of preferred shares. If all goes according to plan, it will wipe out preferred shares by March of 2014, or the end of fiscal year 2013.