Mitsubishi Motors (7211): 1Q results: A slow start; from 2Q, focus to be on whether price hikes needed to offset inflation are possible alongside expanding new model sales

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Mitsubishi Motors (7211): 1Q results: A slow start; from 2Q, focus to be on whether price hikes needed to offset inflation are possible alongside expanding new model sales

J P M O R G A N Asia Pacific Equity Research

03 August 2026

Mitsubishi Motors (7211)

1Q results: A slow start; from 2Q, focus to be on Underweight

whether price hikes needed to offset inflation are 7211.T, 7211 JP

possible alongside expanding new model sales Price (03 Aug 26):¥358

Price Target (Dec-26):¥320

Slightly negative: 1Q operating profit was ¥10.1 billion, undershooting both our Japan Equity Research

estimate and the Bloomberg consensus estimate. As is usual, 1Q shipment volume

Autos & Auto Parts

was sluggish, although this was partially offset by the weaker yen. The impact of

price increases in 1Q was inadequate, amounting to only about one-third of the Akira Kishimoto AC

impact of inflation. While full-year guidance remains unchanged, the company’s (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

initial sales plan appears to have been somewhat optimistic. We believe the extent

Wencong Zhang

to which cost inflation can be passed on, together with sales growth, will be a key (81-3) 6736-8627

focus going forward. wencong.zhang@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Inadequate unit sales, price hikes, but substantial weak-yen impact: 1Q

operating profit was ¥10.1 billion, missing our estimate (¥11.6 billion) and the

Bloomberg consensus estimate (¥13.9 billion) by 14% and 28%, respectively.

1Q shipments totaled 186,000 units (our estimate: 221,000 units) and 179,000

units at the retail level (our estimate: 197,000 units). Both were below our

estimates. Amid ongoing uncertainty regarding demand in emerging markets,

unit shipments remained at a low level in 1Q.