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Mitsubishi Mirage will launch in US with three-cylinder engine [w/video]

We have a date with Mitsubishi Mirage (again). The Japanese subcompact is slated to arrive on our shores in September 2013, and it's one of the product offerings meant to help Mitsubishi's US arm raise sales in its next financial year from 55,000 to 80,000. If next year were 1989, we'd say there's no reason that couldn't happen, but from what we've seen, the Mirage is so magnificently meek (have you seen the interior?) that we aren't sure how it will manage that kind of US sales aggression in the 21st century.
Continuing that theme, Car and Driver reports that the Mitsu will launch here with a 1.2-liter, three-cylinder engine. Make no mistake, this is a very popular engine in the Mirage and responsible for its excellent fuel economy. The hatch is doing so well in other markets with its two naturally aspirated tri-cylinders that the Thailand facility that builds the Mirage will have its capacity increased by 33 percent to try and meet demand. In European spec, the 845-kilogram (1,859 pounds) subcompact with the more powerful engine offering 79 horsepower and 78 pound-feet of torque gets 57.3 miles per US gallon and takes 11.7 seconds to get from zero to 62 miles per hour. The question is whether Mitsubishi will boost the output of that engine for our market. If not, only the 70-hp Smart ForTwo will have less horsepower - but the Mirage, interestingly enough, weighs about the same as the microcar.
On its UK site, Mitsubishi said the reveal of the Mirage in back 2011 meant "redefining the standards by which to judge a compact passenger car." We can't wait to find out if that's still true and what that means when it gets here. To prepare yourself, there's video of the Mirage in action below.

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.

Watch Mitsubishi break the EV record at Pikes Peak

Take a listen folks - you're hearing the eventual future of motorsports. This is Greg Tracy and the Mitsubishi MiEV Evolution III as they assault the treacherous course at Pikes Peak in just 9:08.188.
This run is significant for a number of reasons. As we recapped in our Pikes Peak finale post, Tracy's run was a mere two seconds off the best overall time at this year's event, snagging him and Mitsubishi second place overall, as well as first in the Electric Modified class and the fourth fastest time ever recorded. Perhaps more importantly, though, Tracy thoroughly trounced the previous EV record at Pikes Peak, beating the legendary Nobuhiro "Monster" Tajima's 2013 best of 9:46.530.
It's an impressive feat, and now you can experience the whole run from as near a first-person viewpoint as you're going to get. Scroll down and have a look.