For the fiscal year period, MMC saw its European operations return to growth for the first time in four years with a 7 percent gain on fiscal 2002. In China, meanwhile, the company continues to see solid growth as total sales surged 65.8 percent on year to 151,000 units. Total sales in Asia and the rest of the world increased slightly to 680,200 units, representing a new record high for the company in this important growth region.

Sales in Japan also enjoyed a return to growth for the fiscal year period, increasing 1.1 percent compared to fiscal 2002 despite a 2 percent slump in overall market demand. This marks the first year-on-year gain for unit sales in Japan since 1995.

March 2004: Galant gains momentum in US

Japan

MMC delivered 59,700 units in Japan in March 2004, a 3.6 percent decrease on March last year. Of this, registrations, which exclude 660cc minicars, slipped 18 percent to 21,200 units while minicar sales increased 6.6 percent to 38,500. The company's "Tokoton" spring sales campaign helped fuel demand for the Pajero and Pajero iO, both of which saw March sales surge 70 percent on year. The eK series of minicars had its strongest month ever selling 21,000 units for a 10 percent increase on year.

North America

North American sales, which totaled 23,200 units for the month, remained relatively flat on year with a mere 0.7 percent decline on March 2003. However, the sale of around 6,000 Galant sedans represents a 38 percent increase compared to a year ago, and a 25 percent increase over last month. Consumer interest in the redesigned Galant has been spurred by a national marketing campaign comparing the Galant GTS V6 against a similarly equipped Toyota Camry XLE V6 and Honda Accord EX V6. Additionally, Mitsubishi recently launched a series of creative regional television spots in support of the Galant.

Europe

Sales in Europe grew 16.9 percent on year in March to 24,800 units in an overall flat market. The main regions of growth were Russia, France and the United Kingdom.

MMC had its best month ever in Russia as sales more than doubled on year to 2,500 units. The Lancer was the top-selling model in Russia with sales of 1,500 units representing over 60 percent of total sales in the market.

Sales in France expanded 26.6 percent on last year to 1,300 units. Strong performers for the month included the Space Star and Pajero.

At 6,100 units, the United Kingdom continued to post strong gains. The 19.3 percent year-on-year jump in March sales was mainly driven by stronger demand for the Shogun and Shogun Sport^*1 sport-utility vehicles.

*1 Also known as the Pajero/Montero and Pajero Sport/Montero Sport

Asia and other markets

Total sales for Asia and other markets increased 5.2 percent to 61,500 in March.

MMC's strong sales growth in China in 2003 is continuing to gain momentum this year and the company saw March sales shoot up 20.6 percent to 14,800 units. Sales of vehicles produced at Hunan Changfeng Motor jumped 27 percent to 2,700 units, while sales of South East Motor cars grew 12 percent to 8,000.

In other markets, Taiwan surged 53.2 percent to 8,300 units, Australia slipped 15.8 percent to 5,100, Thailand declined 7.9 percent to 2,100, and the Middle East & Africa region grew 29.5 percent to 6,800 units.

Total overseas sales—all regions excluding Japan—amounted to 109,500 units in March, clearly surpassing the 100,000-unit level for the first time in six months.

Fiscal 2003: Domestic sales return to YoY growth

Japan

As with calendar 2003, MMC's domestic sales showed year-on-year growth for the first time in eight years in fiscal 2003. This return to growth was achieved despite a 2 percent contraction in overall market demand, enabling MMC's market share to climb from 6.6 percent to 6.8 percent.

The company sold 358,200 vehicles for the year, a 1.1 percent increase over fiscal 2002. Registrations came in at 127,300 units for a 1.4 percent increase on year while minicar sales edged up 0.9 percent to 230,900 units.

The new Colt compact car and Grandis minivan helped drive passenger car sales above the pervious year's level. In the minicar market, the Pajero Mini 4WD sport-utility vehicle continues to see robust sales, posting fifteen straight months of gains even after nearly ten years on the market.

North America

North American sales declined 20 percent on year to 273,000 units. Sales in the US decreased 25 percent to 243,600 vehicles as the company tightened its credit policy for new-car loans and refocused on retail sales over fleet sales. Sales in other North American markets—Canada, Puerto Rico, and Mexico—surged 62 percent to 29,400 units.

Despite last year's disappointing results in the US market, sales have been gradually gaining ground over the last couple of months. Momentum is building for the new Galant, which posted a 38 percent rise in March compared to a year ago.

The company expects sales momentum to keep building in the coming months as it rolls out new advertising initiatives and shifts its target buyer from "youthful" to a young-at-heart mindset for a broader, more sustainable customer base.

Europe

MMC's sales in Europe were up on year in fiscal 2002 after four years of continuous decline. The company sold 213,700 units across Europe for a 7 percent gain. The return to growth came as the company continued to build its sales in Eastern Europe. Russia, in particular, showed stellar growth for the year with a 104.5 percent jump to 19,300 units.

The United Kingdom and France also contributed to the growth with strong gains. Sales in the United Kingdom rose 17.5 percent to 32,900 on the back of strong performances by the Shogun and Shogun Sport sport-utility vehicles. France saw sales increase 11.3 percent to 11,400 units thanks to robust sales of the Space Star and Pajero.

Asia and other markets

Total sales in Asia and the rest of the world edged up to 680,200 units, representing a new record high for the company in this important growth region.

Sales in China saw strong gains for the year, jumping 65.8 percent to 151,000 units. The locally built Pajero is proving popular, posting a 50 percent gain on sales compared to fiscal 2002. Other models that contributed to the growth include the Sigma^*2 , up 40 percent on year, the Pajero Sport SUV and the Lioncel^*3 sedan.

In other markets, Taiwan remained relatively unchanged, inching down 0.5 percent to 86,400 units; Australia edged up 1.7 percent to 67,000; Thailand increased 13.1 percent to 33,800; and the Middle East & Africa region declined 7.4 percent to 67,400 units.

*2 Also known as Dingo
*3 Also known as Lancer