MITSUBISHI ELEC UNSP/ADR - MIELY STOCK NEWS

Mitsubishi Electric Corporation has collaborated with Toshiba Mitsubishi-Electric Industrial Systems Corporation to develop a new electrical motor-design support system using Mitsubishi Electric's Maisart® AI technology. This innovation significantly reduces the time needed to create electrical motor designs, matching the performance of traditional manual methods. The system aims to assist engineers, especially those with less experience, in optimizing design specifications more efficiently. TMEIC plans to implement this system in its operations starting FY 2024.

Mitsubishi Electric and Robert Bosch have decided to terminate their joint venture, Nippon Injector Corporation, by the end of 2025. This decision is driven by the anticipated decline in demand for fuel injectors due to the automotive industry's shift towards electrification. Starting 2023, production of gasoline fuel injectors will gradually shift to Bosch's facility in Hemaraj, Thailand, pending necessary approvals. Mitsubishi Electric aims to secure supplies from this factory for future needs.

Mitsubishi Electric Corporation has announced it will start shipping samples of a new tunable laser-diode chip on October 1. This innovation is designed to enhance the capacity of digital coherent communication and reduce the size of optical transceivers. The rising demand for data communication, fueled by 5G networks and video streaming, necessitates increasing optical-fiber communication capacity from 100Gbps to 400Gbps. The new chip addresses the challenge of downsizing transceivers, essential for efficient data center communications.

Mitsubishi Electric Corporation's SUSTIE® Net Zero Energy Test Facility in Tokyo has achieved Platinum-level WELL Building Standard certification, enhancing its reputation as a leader in workplace environment standards. This facility also holds a top-level BELS 5-star rating and ZEB certification in Japan, confirming its high energy efficiency and occupant comfort. As improving office environments becomes crucial for employee health and recruitment, Mitsubishi Electric positions itself favorably in this evolving landscape.

Mitsubishi Electric Corporation (Tokyo:6503) reported its financial results for Q1 of fiscal 2023, ending June 30, 2022. Revenue was 1,067.7 billion yen, relatively unchanged year-on-year. However, operating profit plummeted by 59% to 33.9 billion yen, with profit before income taxes down 48% to 46.8 billion yen. Net profit attributable to shareholders also fell by 46% to 33.4 billion yen. The company remains cautious due to external pressures including lockdowns in China and rising material costs but maintains its fiscal 2023 guidance with a projected revenue increase of 7% to 4,770.0 billion yen.

Mitsubishi Electric Corporation has announced the launch of a new 50W silicon RF high-power MOSFET module, set for release on August 1. This module addresses the increasing demand for commercial two-way radios, particularly in the 700MHz band, which was formerly used for analog TV broadcasting. It boasts an industry-leading power output of 50W in the 763MHz to 870MHz range and a total efficiency of 40%, aiming to enhance communication range and reduce power consumption.

Mitsubishi Electric Corporation announced an investment of approximately 2.2 billion Indian rupees (or 3.1 billion yen) to establish a new factory in India. The factory, expected to start operations in December 2023, will produce inverters and factory automation control systems to meet rising demand in the Indian market, which is growing at an annual rate of 8%. The investment aims to enhance the company’s production capacity in this rapidly expanding market.

Mitsubishi Electric Corporation (MIELY) announced a revision to its executive compensation scheme effective fiscal 2023, aiming to align pay more closely with performance. The new scheme emphasizes a performance-linked structure, incorporating stock compensation and new ownership guidelines to boost corporate and shareholder value. Additionally, the evaluation of compensation will include non-financial metrics such as public trust and sustainability efforts. Governance improvements include malus and clawback provisions to enhance accountability among executives.

Green Hills Software has announced its collaboration with Mitsubishi Electric for the Inca Jay digital cockpit, utilizing the INTEGRITY RTOS to ensure a safe and secure software foundation. This cockpit integrates Advanced Driver Assistance Systems (ADAS), cabin safety, and augmented reality user experiences. It leverages Qualcomm's 3rd Generation Snapdragon Cockpit Platform, enhancing OEMs' capabilities to develop next-gen digital cockpits while reducing complexity and development costs. The cockpit features include a Driver Monitoring System and High-Definition Locator for improved safety and navigation.