Mitsubishi , long associated with its victories in grueling rally racing, says it is entirely pulling out of the sport’s more intense event, the lengthy Dakar Rally. Despite a dozen victories in the event, including an impressive seven consecutive victories from 2000-2007, Mitsubishi says it must turn its focus to its core consumer products.
“The sudden deterioration of the global economy made it necessary for the company to focus its resources more tightly,” the Japanese automaker said in a statement.
Mitsubishi says its group net loss will exceed 60 billion yen – about $670 million – during the fiscal year that ends in March.
Mitsubishi follows several other automakers – most notably Subaru - in withdrawing from formerly lucrative competitive events. For years, Mitsubishi heavily marketed the success of its Pajero SUVs (sold as Monteros in North America) in the Dakar Rally, though the vehicle is now primarily sold in the Middle East and in emerging markets, where it is revered for its rugged nature.
