Mitsubishi is not Mitsubishi Motors.
In Australia - we may associate the name only with cars - but the entire corporation is a huge conglomeration of divisions that are into absolutely every business under the (setting) sun.
It makes absolutely no sense for the car division to be effectively middle-manning the chemical processing of spodumene. If Mitsubishi Corporation are sourcing it for their own use (between their different divisions) then the resulting lithium would be headed for the battery plants which would not have anything to do with Mitsubishi Motors. If they are simply on-selling to the converters plants then it then its even less likely.
Mitsubishi Motors is a minor final consumer of these batteries in the scheme of things.
They have Chemicals, Heavy Industries, Materials, Logistics, Electric and others that would be much more likely to be involved as they represent larger net consumers of lithium batteries than the auto division.
Heavy Industries = industrial machinery, subs, satellites, giant container size 2Mw batteries etc etc.
They are a family of separate companies. Mitsubishi Heavy Industries itself is a 12% share holder in Mitsubishi Motors. The divisions help each other out and meet each month but if there is anyone that thinks that a down-turn in any division could drag the entire corporation down then they are mistaken or that it could materially effect their appetite for lithium. EV production is just one small part of their use of lithium.
Mitsubishi Corporation have a battery plant due to start next year with Bosch/GS Yuasa - these batteries will likely go in a range of european cars as well as many other auto makers, grid storage, industrial machinery, robotics, other transportation uses etc. etc. etc.
On the positive side - VW have emerged from diesel-gate much more keen to clean up their act by sign-posting their new credentials with new EVs. Expect the same from Mitsubishi Motors too.
GXY Price at posting:
38.0¢ Sentiment: Buy Disclosure: Held
