Mitsubishi Motors’ U.S. Unit Wins New Trial in US$1 Billion Pennsylvania Liability Case

Mitsubishi Motors ( (JP:7211) ) has issued an update.

Mitsubishi Motors said its U.S. sales subsidiary, Mitsubishi Motors North America, has won a key ruling in a major U.S. product liability case, after the Superior Court of Pennsylvania vacated a roughly US$1 billion verdict against the company and ordered a new trial on all claims related to alleged defects in the restraint system of a 1992 Mitsubishi 3000GT. The case, stemming from a 2017 accident that injured the husband of plaintiff Soomi Amagasu, had left the U.S. unit as the sole defendant after the parent company was dismissed in 2021, and while Mitsubishi Motors maintains the vehicle is not defective, it acknowledged that the ultimate financial impact of the retrial remains uncertain and pledged to continue contesting the claims and to disclose any material effects on its earnings.

The most recent analyst rating on (JP:7211) stock is a Hold with a Yen360.00 price target. To see the full list of analyst forecasts on Mitsubishi Motors stock, see the JP:7211 Stock Forecast page.

More about Mitsubishi Motors

Mitsubishi Motors Corporation is a Japan-based automotive manufacturer that develops, produces and sells passenger vehicles and related services worldwide, with Mitsubishi Motors North America, Inc. handling automobile sales and distribution in the United States from its base in Tennessee.

YTD Price Performance: -27.49%

Average Trading Volume: 8,282,274

Technical Sentiment Signal: Sell

Current Market Cap: Yen546.8B

See more insights into 7211 stock on TipRanks’ Stock Analysis page.