Mitsubishi Is Seeking More Cash From DaimlerChrysler

Since Mitsubishi Motors Corp. President Rolf Eckrodt arrived at the Japanese carmaker in January 2001, its shares have slid 27% as U.S. sales have fallen. Eckrodt now wants DaimlerChrysler, Mitsubishi’s biggest shareholder, to put more cash into the company.

Japan’s fourth-largest automaker, 37%-owned by DaimlerChrysler of Germany, last week forecast a $665-million loss for this fiscal year.

In November, it had projected a $102-million loss, after having predicted a $370-million profit in May.

Losses at the maker of the Montero sport utility vehicle are an added burden for DaimlerChrysler, which is struggling with a 90% profit decline in 2003, a loss at its U.S.-based Chrysler Group and a lawsuit alleging that the company misled investors about its 1998 merger with Chrysler Corp.

Mitsubishi is losing sales in the United States, its biggest market, to bigger rivals such as Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co.