A Mitsubishi Group task force began compiling a new business rehabilitation plan Saturday for ailing Mitsubishi Motors Corp., following a surprising pullout decision by DaimlerChrysler AG.
The task force will focus on similar points that the Mitsubishi Group had worked out with the German-American auto giant -- consolidation of manufacturing bases, drastic workforce cuts, developing new models and capital injections -- but will have to make the plan much smaller in size, sources said.
Without a fresh fund of 400 billion yen that the group had expected to come from DaimlerChrysler, it is possible the rehabilitation plan can only be half-finished, they said.
Consolidating manufacturing bases, for example, will create redundant jobs, and eliminating these will cost a considerable amount.
If Mitsubishi Motors seeks a new sponsor in place of DaimlerChrysler, the rehabilitation plan could be radically changed according to the sponsor, they said.
DaimlerChrysler said Thursday in Germany it will not participate in a capital increase planned by Mitsubishi Motors and will cease further financial support for the Japanese automaker, throwing its revival plan into disarray.
DaimlerChrysler, the biggest shareholder of Mitsubishi Motors with a 37 percent stake, had reportedly been finalizing an accord on a 700 billion yen bailout package.
Following the pullout decision, the Mitsubishi Group of companies Friday pledged to do their utmost to support the automaker.